Possible Renewed Sanctions Against Iran Push Oil Up; ECB confident amid ‘robust’ growth 16-10-2017

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.

Watch Out for:

Monday, October 16, 2017

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

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