IronFX Daily Commentary by Charalambos Pissouros | 29/09/2016
September 29, 2016 8:38 am
OPEC announces a deal is likely in November • OPEC said that it reached an “understanding” for a deal to cut oil production, but did not actually finalize an agreement. • Oil prices and commodity currencies CAD, AUD and NZD surged on the news. • Sentiment may stay supported for a while, but as nothing concrete has actually been agreed, we don’t expect a major speculative rally. • Oil may be even more sensitive than before to incoming comments from OPEC officials. • It may continue trading in a volatile manner until, and if, a deal is actually sealed.
Today’s indicators: • Germany: Prel. CPI for Sep. is exp. to accelerate, which could support the EUR. Also, unemployment rate for Sep. • UK: Mortgage approvals for Aug. are exp. to decline a bit. Although this is usually not a major market mover, it may attract special attention as its Aug. data. • US: 3rd estimate of GDP and core PCE deflator for Q2. The forecast is for an upward revision in GDP, but as these data are outdated, the reaction in USD may be limited. • Speakers: ECB Executive Board member Praet, Fed Board Governor Powell, Atlanta Fed President Lockhart and Minneapolis Fed President Kashkari.
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OPEC announces a deal is likely in November
• OPEC said that it reached an “understanding” for a deal to cut oil production, but did not actually finalize an agreement.
• Oil prices and commodity currencies CAD, AUD and NZD surged on the news.
• Sentiment may stay supported for a while, but as nothing concrete has actually been agreed, we don’t expect a major speculative rally.
• Oil may be even more sensitive than before to incoming comments from OPEC officials.
• It may continue trading in a volatile manner until, and if, a deal is actually sealed.
Today’s indicators:
• Germany: Prel. CPI for Sep. is exp. to accelerate, which could support the EUR. Also, unemployment rate for Sep.
• UK: Mortgage approvals for Aug. are exp. to decline a bit. Although this is usually not a major market mover, it may attract special attention as its Aug. data.
• US: 3rd estimate of GDP and core PCE deflator for Q2. The forecast is for an upward revision in GDP, but as these data are outdated, the reaction in USD may be limited.
• Speakers: ECB Executive Board member Praet, Fed Board Governor Powell, Atlanta Fed President Lockhart and Minneapolis Fed President Kashkari.
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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