Economic calendar: Focus on oil and central bankers

Summary:

• Range of notable central bankers scheduled to speak today

• API reading expected to show a drop in oil inventories

• RBNZ to announce interest rate decision over the night

Investors who were bracing for a range of market moving events will be disappointed. In today’s calendar one can find just a few lower tier readings and some speeches scheduled. Traders may want to tune in at 8:00 am GMT as Jens Weidmann, Bundesbank President and one of frontrunner to succeed Mario Draghi as ECB head, will deliver a speech in Pretoria, South Africa. Five hours later, at 1:00 pm GMT, Mark Carney will discuss risks to the outlook on the global economy, including trade tensions. Jerome Powell, Chairman of the Federal Reserve, is scheduled to speak about economic development in rural communities at 5:45 pm GMT. Note that there will be a Q&A session following the speech. Earlier, at 4:00 pm GMT, Powell will attend a meeting with a group of Mississippi Valley University students. Investors from the oil market may want to stay more cautious in the late evening hours (9:40 pm GMT) as the American Petroleum Institute will release its estimates on change in the oil inventories. Market consensus hints that crude stockpiles decline 1.5 million barrels during the past week. Last but not least, traders with exposure to NZD should keep in mind that the Reserve Bank of New Zealand will announce interest rate decision over the night (1:00 am GMT). No change to the level of interest rates is expected. Governor Adrian Orr will hold a press conference one hour later (2:00 am GMT).

Central bank speakers scheduled for today:

• 8:00 am GMT - ECB’s Weidmann

• 9:00 am GMT - ECB’s Nowotny

• 1:00 pm GMT - BoE Governor Carney

• 4:00 pm GMT - Fed Chairman Powell

• 5:45 pm GMT - Fed Chairman Powell

• 8:50 pm GMT - RBA’s Heath

Major US companies reporting earnings today:

• Activision Blizzard (ATVI.US)

• Fidelity National Information (FIS.US)

• Omnicom (OMC.US)

• Occidental Petroleum (OXY.US)

• TripAdvisor (TRIP.US)

• US Foods Holding (USFD.US)

OIL keeps trading without a direction. Commodity price seems locked in between the upward sloping 50-session moving average and resistance zone ranging $62.50-63.60. Potential range of a break from this formation is $4.20 therefore investors should watch inventories data carefully for a possible trigger. Source: xStation5