IronFX Daily Commentary by Charalambos Pissouros | 31/03/2016
March 31, 2016 8:46 am
Oil erases its latest gains • WTI slid yesterday after a US report suggested that the supply glut may be prolonged. • Report showed 7th consecutive week of rising inventories and a notable rise in refinery utilization. • Major producers meeting in Qatar on the 17th of April to discuss output freeze. • Speculation of such a freeze could keep oil prices supported until the event.
Today: • Norway: Retail sales for Feb. Usually not major market mover. • Germany: Retail sales for Feb. and unemployment rate for Mar. • Eurozone: Prel. CPI for Mar. is exp. to rise but to remain negative. However, we see a high likelihood for a positive surprise, which could support EUR. • UK: Final Q4 GDP. May be seen as outdated, so reaction in GBP could be limited. • US: Chicago PMI for Mar. and initial jobless claims for week ended Mar. 25th. • Canada: GDP for Jan. Not major market mover. • Speakers: BoE Governor Mark Carney and Chicago Fed President Charles Evans.
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Oil erases its latest gains
• WTI slid yesterday after a US report suggested that the supply glut may be prolonged.
• Report showed 7th consecutive week of rising inventories and a notable rise in refinery utilization.
• Major producers meeting in Qatar on the 17th of April to discuss output freeze.
• Speculation of such a freeze could keep oil prices supported until the event.
Today:
• Norway: Retail sales for Feb. Usually not major market mover.
• Germany: Retail sales for Feb. and unemployment rate for Mar.
• Eurozone: Prel. CPI for Mar. is exp. to rise but to remain negative. However, we see a high likelihood for a positive surprise, which could support EUR.
• UK: Final Q4 GDP. May be seen as outdated, so reaction in GBP could be limited.
• US: Chicago PMI for Mar. and initial jobless claims for week ended Mar. 25th.
• Canada: GDP for Jan. Not major market mover.
• Speakers: BoE Governor Mark Carney and Chicago Fed President Charles Evans.
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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