IronFX Daily Commentary by Charalambos Pissouros | 28/11/2016
November 28, 2016 10:16 am
Dollar opens on a weak note • USD opened with negative gaps on Monday and continued to correct even lower. • No fundamental news, so this may be a combination of profit-taking and investors scaling back positions, as the week is filled with risk events. • This correction may continue for a while, but the trend still looks positive.
Oil slides as Saudis decline to meet non-OPEC producers • WTI prices fell on Fri. on news Saudi will not attend talks today with non-OPEC producers. • Given Iraq’s and Iran’s unwillingness, we remain skeptical regarding a deal this week.
Today: • Speakers: ECB President Mario Draghi and Executive Board member Peter Praet. • As for the rest of the week: • Tues: German CPI for Nov. and US 2nd GDP estimate for Q3. • Wedn: OPEC meeting. US ADP employment report for Nov., along with personal income & spending for Oct. Eurozone’s CPI for Nov. • Thurs: UK manuf. PMI and US ISM manuf. PMI, both for Nov. • Frid: US employment report for Nov. NFP exp. at 175k vs 161k prev. The unemployment rate is forecast to remain unchanged. Canada’s unemployment rate for Nov. is also coming out.
Dollar opens on a weak note
• USD opened with negative gaps on Monday and continued to correct even lower.
• No fundamental news, so this may be a combination of profit-taking and investors scaling back positions, as the week is filled with risk events.
• This correction may continue for a while, but the trend still looks positive.
Oil slides as Saudis decline to meet non-OPEC producers
• WTI prices fell on Fri. on news Saudi will not attend talks today with non-OPEC producers.
• Given Iraq’s and Iran’s unwillingness, we remain skeptical regarding a deal this week.
Today:
• Speakers: ECB President Mario Draghi and Executive Board member Peter Praet.
• As for the rest of the week:
• Tues: German CPI for Nov. and US 2nd GDP estimate for Q3.
• Wedn: OPEC meeting. US ADP employment report for Nov., along with personal income & spending for Oct. Eurozone’s CPI for Nov.
• Thurs: UK manuf. PMI and US ISM manuf. PMI, both for Nov.
• Frid: US employment report for Nov. NFP exp. at 175k vs 161k prev. The unemployment rate is forecast to remain unchanged. Canada’s unemployment rate for Nov. is also coming out.
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