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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Economic calendar: Pound, oil and grains in the spotlight

09:03 11 December 2018

Summary:

  • Will UK labour market report help pound recover?

  • Markets expect API data to show drop in oil stockpiles

  • WASDE report to be released in the afternoon

The UK Prime Minister Theresa May shocked markets yesterday when she cancelled the Brexit vote in the UK Parliament that was scheduled for today. Having said that, the uncertainty surrounding this event will persist into 2019. GBP will have a chance to recover today as the labour market report will be released in the morning. Apart from that, investors will focus on the ZEW economic sentiment indices from Europe and weekly API oil inventory estimates. Last but not least, one may expect increased volatility on the grain market today as the WASDE report is scheduled for release at 5:00 pm GMT.

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9:30 am GMT - UK, Labour market report for October. The British pound has a hard time as new Brexit developments continue to weigh down on the currency. It was expected that vote in the UK parliament will make things more clearer today but eventually it was called off and the uncertainty is set to linger into 2019. Meanwhile, investors will be served the UK labour market report for October and it is expected to show wage growth unchanged from the previous month. Unemployment rate is forecasted to remain at 4.1% and the UK economy is expected to have added 25k jobs in the past 3 months.

10:00 am GMT - Germany, ZEW economic sentiment index for December. Just as if PMIs were not enough European investors have another issue to worry about - ZEW indices. From late-2012 to early-2018 the German gauge showed just 2 negative readings while the European one only once came in below 0 pts. However, investors were served 8 negative German readings and 6 negative European prints so far this year. Combining this downbeat outlook among institutional investors with lacklustre moods painted by PMIs one has reasons to question condition of the European economy.

9:40 pm GMT - API weekly crude oil stocks. OPEC+ decided on the production cuts of 1.2 mbd during a meeting in Vienna last week. However, it seems it was not enough to fend off concerns over the commodity surplus. Short speculative positioning on Brent increased for the 10th straight week while long positions on WTI dropped to the lowest level in six years. Markets remain jitter and the regular inventory data may prove to be a chance to trade short-term price swings. Market consensus expects API to signal 2.9 mb drop in the oil inventories.

Central bank speakers scheduled for today:

  • 8:30 am GMT - ECB’s de Guindos

  • 7:15 pm GMT - RBNZ’s Orr

WHEAT has been trading within the consolidation ranging 503-531 USD since early-September. The price reversed from the vicinity of the upper bound of the trading range recently and may be set to revisit the lower limit now. However, one should keep in mind that today’s WASDE report may change outlook on this commodity. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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