IronFX Daily Commentary by Charalambos Pissouros | 24/08/2016
August 24, 2016 8:42 am
WTI spikes on reports Iran will attend output-freeze talks • Oil prices surged yesterday following reports that Iran will attend oil output freeze talks between major OPEC and non-OPEC producers next month. • Similar negotiations failed in Doha in April because Iran refused to participate. • Oil prices could remain supported or perhaps rally further on anticipation of some deal as we head into this meeting. • However, we are hesitant to trust that these talks will actually bear fruit, given that they failed in Doha at a period when oil was trading much lower.
Today: • Germany: Final GDP for Q2 is exp. to confirm its preliminary estimate. • Norway: Oil investment survey for Q3. No forecast is available. Also, the AKU unemployment rate for Jun. is exp. to have remained unchanged. The reaction in NOK could remain limited at these, unless we see a notable change in the pace of oil investments from previously. • US: Existing home sales for Jul. are exp. to decline, but only marginally.
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WTI spikes on reports Iran will attend output-freeze talks
• Oil prices surged yesterday following reports that Iran will attend oil output freeze talks between major OPEC and non-OPEC producers next month.
• Similar negotiations failed in Doha in April because Iran refused to participate.
• Oil prices could remain supported or perhaps rally further on anticipation of some deal as we head into this meeting.
• However, we are hesitant to trust that these talks will actually bear fruit, given that they failed in Doha at a period when oil was trading much lower.
Today:
• Germany: Final GDP for Q2 is exp. to confirm its preliminary estimate.
• Norway: Oil investment survey for Q3. No forecast is available. Also, the AKU unemployment rate for Jun. is exp. to have remained unchanged. The reaction in NOK could remain limited at these, unless we see a notable change in the pace of oil investments from previously.
• US: Existing home sales for Jul. are exp. to decline, but only marginally.
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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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