IronFX Daily Commentary by Charalambos Pissouros | 24/10/2016
October 24, 2016 8:14 am
Iraq seeks exemption from OPEC deal • Iraq’s oil minister said the nation should be exempted from reducing its production, as it is currently engaged in a war with ISIS. • This may be an obstacle to any future deal, because Iran also appears unwilling to cut its output. • If investors become doubtful that a deal will actually be achieved, WTI could correct lower.
Today is a PMI day: • France, Germany & Eurozone: Prel. manufacturing & services PMIs for Oct. Expectations are for most indices to rise, which could reverse some of the euro’s recent losses. • US: Prel. Markit manufacturing PMI for Oct. • Speakers: Fed Board Governor Powell, St. Louis Fed Pres. Bullard, Chicago Fed Pres. Evans, SNB Chairman Jordan and BoC Governor Poloz.
This week: • Tuesday: Germany’s Ifo survey for Oct. • Wednesday: Australia’s CPI for Q3. This could be critical to whether the RBA will act again soon. • Thursday: Riksbank & Norges Bank policy decisions! The Riksbank is forecast to stand pat, while no forecast is available for the NB. As for the data, from the UK we get the 1st estimate of Q3 GDP while in the US, durable goods orders for Sep. are due out. • Friday: Japan’s CPI for Sep. and Germany’s prel. CPI for Oct. In the US, 1st estimate of Q3 GDP.
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Iraq seeks exemption from OPEC deal
• Iraq’s oil minister said the nation should be exempted from reducing its production, as it is currently engaged in a war with ISIS.
• This may be an obstacle to any future deal, because Iran also appears unwilling to cut its output.
• If investors become doubtful that a deal will actually be achieved, WTI could correct lower.
Today is a PMI day:
• France, Germany & Eurozone: Prel. manufacturing & services PMIs for Oct. Expectations are for most indices to rise, which could reverse some of the euro’s recent losses.
• US: Prel. Markit manufacturing PMI for Oct.
• Speakers: Fed Board Governor Powell, St. Louis Fed Pres. Bullard, Chicago Fed Pres. Evans, SNB Chairman Jordan and BoC Governor Poloz.
This week:
• Tuesday: Germany’s Ifo survey for Oct.
• Wednesday: Australia’s CPI for Q3. This could be critical to whether the RBA will act again soon.
• Thursday: Riksbank & Norges Bank policy decisions! The Riksbank is forecast to stand pat, while no forecast is available for the NB. As for the data, from the UK we get the 1st estimate of Q3 GDP while in the US, durable goods orders for Sep. are due out.
• Friday: Japan’s CPI for Sep. and Germany’s prel. CPI for Oct. In the US, 1st estimate of Q3 GDP.
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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