IronFX Daily Commentary by Charalambos Pissouros | 24/02/2016
February 24, 2016 9:40 am
Iran is out; oil prices plunge • Iran’s oil minister called the Saudi-Russian oil freeze proposal “ridiculous”. • Oil prices declined after Saudi’s oil minister said that production cuts won’t happen. • We need to see production cuts before oil finds bottom.
BoE Carney: referendum premium in GBP • BoE Governor stated that the weakening in sterling reflects a ‘referendum premium’. • Bank is making contingency plans for the referendum and could ease policy if needed.
Fed’s Fischer: too early to assess impact • Fed Vice-Chair Fischer said that Fed has no plans to use negative rates although it is under study. • Recent financial volatility not only due to China, but also due to fears of the effect of oil sector on US banks.
Today: • Norway: AKU unemployment rate for Dec. is exp. to remain unchanged. • US: Prel. Markit services PMI for Feb. is exp. to rise a bit. New home sales for Jan. are exp. to decline somewhat. • Speakers: ECB Gov. Council member Jens Weidmann, Richmond Fed President Jeffrey Lacker and Dallas Fed President Robert Kaplan speak as well.
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Iran is out; oil prices plunge
• Iran’s oil minister called the Saudi-Russian oil freeze proposal “ridiculous”.
• Oil prices declined after Saudi’s oil minister said that production cuts won’t happen.
• We need to see production cuts before oil finds bottom.
BoE Carney: referendum premium in GBP
• BoE Governor stated that the weakening in sterling reflects a ‘referendum premium’.
• Bank is making contingency plans for the referendum and could ease policy if needed.
Fed’s Fischer: too early to assess impact
• Fed Vice-Chair Fischer said that Fed has no plans to use negative rates although it is under study.
• Recent financial volatility not only due to China, but also due to fears of the effect of oil sector on US banks.
Today:
• Norway: AKU unemployment rate for Dec. is exp. to remain unchanged.
• US: Prel. Markit services PMI for Feb. is exp. to rise a bit. New home sales for Jan. are exp. to decline somewhat.
• Speakers: ECB Gov. Council member Jens Weidmann, Richmond Fed President Jeffrey Lacker and Dallas Fed President Robert Kaplan speak as well.
Join us for more technical and fundamental analysis: http://www.ironfx.com
To get the latest Forex trading news you should:
• Download the IronFX Research app: http://goo.gl/jhQIxO
• Like us on Facebook: https://www.facebook.com/IronFX
• Follow us on Instagram: https://www.instagram.com/ironfx
• Follow us on LinkedIn: https://goo.gl/wSEbPN
• Follow us on Twitter: https://twitter.com/IronFXGlobal
• Circle us on Google+: https://www.google.com/+Ironfxglobal
• Subscribe to our Channel: http://bit.ly/1foFmCU
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