Summary:
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UK construction PMI expected to remain unchanged
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Focus on API oil inventory estimates as price continues to push higher
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Powell to discuss unemployment and inflation
Economic calendar on Tuesday looks empty as investors will be offered just two noteworthy readings. UK Construction PMI will be released in the morning while API data will see daylight in the late evening. Apart from that, vast array of central bankers will deliver their speeches today including Fed Chairman Powell.
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Open account Try demo Download mobile app Download mobile app9:30 am BST - UK, Construction PMI for September. GBP bulls had some reasons to cheer yesterday as the British currency moved significantly higher. The main reason behind this was new Brexit proposal that the UK government is about to propose to the EU. Nevertheless, better-than-expected manufacturing PMI reading also took its toll. The gauge for the construction sector will be released today and it is expected to stay virtually unchanged a notch below 53 pts.
9:40 pm BST - API weekly crude oil stocks. OPEC output increased last month to counter deepening decline in the Iranian exports. Nevertheless, bulls do not seem to care about increased production as both WTI and Brent rush higher since the beginning of this week. Both benchmark trade at their highest levels since late-2014 with Brent breaking above $85 handle yesterday. Today’s API data may give some hints ahead of tomorrow’s DOE report that tends to impact prices more. Market consensus points for a 1.1 mb increase.
Central bank speakers scheduled for today:
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8:55 am BST - Riksbank’s Ohlsson
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9:45 am BST - BoE’s Haldane
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11:35 am BST - BoE’s Haskel
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3:00 pm BST - Fed’s Quarles
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3:30 pm BST - ECB’s Villeroy
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5:45 pm BST - Fed Chairman Powell
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7:00 pm BST - Fed’s Kaplan
OIL continues to move higher. Price broke above the 61.8% Fibo level of the major slump started in mid-2014 and is trading subtly above the $85 handle at press time. Inventory data may add some short term volatility. Source: xStation5
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