IronFX Daily Commentary by Charalambos Pissouros | 31/08/2016
August 31, 2016 8:45 am
Oil drops on reports that Iran plans to boost output • Oil prices fell on Tuesday on reports that Iran plans to boost production much higher than previously anticipated. • This implies that Iran is unlikely to participate in any output freeze in Sept. • This negative sentiment could weigh on prices in the short-term, perhaps until we have fresh news about the meeting.
Today: • Germany: Retail sales for Jul. and unemployment rate for Aug. • Eurozone: Prel. CPI rate for Aug. is exp. to increase. However, we see downside risks to this forecast, perhaps for an unchanged rate. If so, it could hurt EUR. • Norway: GDP growth for Q2 is exp. to have slowed, which could hurt NOK a bit. • US: ADP employment report is exp. 175k vs 179k prev. If it meets the forecast, it could raise speculation for a strong NFP and thus support USD. • Canada: GDP for Q2 is exp. to contract notably. This may hurt CAD somewhat. • Speakers: ECB’s Francois Villeroy de Galhau and Peter Praet. Fed’s Eric Rosengren and Neel Kashkari speak.
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Oil drops on reports that Iran plans to boost output
• Oil prices fell on Tuesday on reports that Iran plans to boost production much higher than previously anticipated.
• This implies that Iran is unlikely to participate in any output freeze in Sept.
• This negative sentiment could weigh on prices in the short-term, perhaps until we have fresh news about the meeting.
Today:
• Germany: Retail sales for Jul. and unemployment rate for Aug.
• Eurozone: Prel. CPI rate for Aug. is exp. to increase. However, we see downside risks to this forecast, perhaps for an unchanged rate. If so, it could hurt EUR.
• Norway: GDP growth for Q2 is exp. to have slowed, which could hurt NOK a bit.
• US: ADP employment report is exp. 175k vs 179k prev. If it meets the forecast, it could raise speculation for a strong NFP and thus support USD.
• Canada: GDP for Q2 is exp. to contract notably. This may hurt CAD somewhat.
• Speakers: ECB’s Francois Villeroy de Galhau and Peter Praet. Fed’s Eric Rosengren and Neel Kashkari speak.
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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