IronFX Daily Commentary by Charalambos Pissouros | 17/02/2016
February 17, 2016 9:48 am
Oil deal depends on Iran’s cooperation • Oil ministers of Iraq, Iran and Venezuela meet today following the Saudi-Russian agreement to freeze output yesterday. • Iraq appears willing to join in. Iran does not, but may be offered special terms. • An agreement is needed to stabilize oil prices.
Fed’s Rosengren reaffirms a slower rate path • Boston Fed President said that if the global weakness impacts the US, a more gradual rate path may be appropriate. • Rosengren joins other voting FOMC members by adopting a similarly concerned outlook. • If more join, any expectations for an April or June rate hike may be eliminated too.
Today: • UK: Unemployment rate is exp. to decline, average weekly gains are exp. to slow. Attention may be on wages, which could prove GBP-negative. • US: FOMC minutes from Jan. 26-27 meeting. They might be viewed as outdated and thus reaction in USD could stay muted. IP for Dec. is exp. to rise. The PPI, housing starts and building permits, all for Jan. are coming out as well.
Oil deal depends on Iran’s cooperation
• Oil ministers of Iraq, Iran and Venezuela meet today following the Saudi-Russian agreement to freeze output yesterday.
• Iraq appears willing to join in. Iran does not, but may be offered special terms.
• An agreement is needed to stabilize oil prices.
Fed’s Rosengren reaffirms a slower rate path
• Boston Fed President said that if the global weakness impacts the US, a more gradual rate path may be appropriate.
• Rosengren joins other voting FOMC members by adopting a similarly concerned outlook.
• If more join, any expectations for an April or June rate hike may be eliminated too.
Today:
• UK: Unemployment rate is exp. to decline, average weekly gains are exp. to slow. Attention may be on wages, which could prove GBP-negative.
• US: FOMC minutes from Jan. 26-27 meeting. They might be viewed as outdated and thus reaction in USD could stay muted. IP for Dec. is exp. to rise. The PPI, housing starts and building permits, all for Jan. are coming out as well.
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