By Mexgroup.com
US Dollar Looks to Yellen Speech to Revive Upward Momentum. US Dollar looks pretty bullish in the nearest future stung by timid FOMC minutes and underwhelming CPI data. Overall fundamental backdrop still seems unmistakably supportive and Yellen speech favoring preemptive tightening may revive USD rally.
ECB Still Believes in Eventual Inflation, Wage Rise: Draghi. Wages in the 19-country euro zone are rising slower than the ECB hoped and will likely take more time to respond to improved growth. Having fought low inflation for years, the ECB is due to decide at its Oct. 26 meeting whether to prolong stimulus, reconciling rapid economic expansion with weak wage and price growth. “We are confident that as the conditions will continue to improve, the inflation rate will gradually converge in a self-sustained manner, as we’ve defined many times, and in a durable way to our objective,” ECB president Mario Draghi told reporters in Washington. “But together with our confidence we should also be patient because it’s going to take time.”
Oil Prices Jump on Fear of New U.S. Sanctions Against Iran. Oil markets opened up strong into the new week as concerns over renewed U.S. sanctions against Iran drove prices up. A falling U.S. rig count also supported prices there. U.S. WTI crude futures CLc1 were trading at $51.88 per barrel, up 0.8 percent, Brent crude futures LCOc1 were at $57.79, up 1.1 percent from the previous close.
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Monday, October 16, 2017
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21:45 pm GMT: NZD Consumer Price Index
Tuesday, October 17, 2017
00:30 am GMT: AUD RBA Meeting Minutes
08:30 am GMT: GBP Consumer Price Index
09:00 am GMT: EUR German ZEW Economic Sentiment
10:00 am GMT: EUR Consumer Price Index
10:15 am GMT: GBP BoE Gov Carney Speaks
By MEX Group Team
The post Possible Renewed Sanctions Against Iran Push Oil Up; ECB confident amid ‘robust’ growth 16-10-2017 appeared first on mexgroupblog.
