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Oil Rallies As Mixed Markets Digest Recent Action

By Colin CieszynskiMarket OverviewSep 13, 2017 09:08
Oil Rallies As Mixed Markets Digest Recent Action
By Colin Cieszynski   |  Sep 13, 2017 09:08
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Stock markets around the world have been mixed overnight on limited news. The Nikkei rose 0.4%, the Dow and DAX are flat, while the FTSE and Nasdaq 100 are down 0.2%. Apple (NASDAQ:AAPL)'s late-day pullback following its iPhone launch event and index actions is indicative of a tired market where traders are looking to take profits and reload.

Currencies have also been mixed this morning. GBP is down slightly as soft wage growth eased pressure on the Bank of England to raise interest rates. Although a rate hike tomorrow looks unlikely, traders may be looking for hints from Governor Carney or other MPC members on when the bank may start easing back on stimulus. Last time there were two hawkish dissenters in voting.

CAD and AUD are trading higher this morning boosted by a 0.8% rally in the WTI oil price. Last night API reported a 6.1 mmbbl increase in crude inventories and a 7.9 mmbbl decline in gasoline inventories. Traders may be starting to look past the storms, viewing last week as the point of maximum disruption. Energy markets may remain active through today's DOE reports.

Inflation remains in focus with U.S. producer prices today and consumer prices tomorrow. These numbers could impact speculation on next week's FOMC meeting and U.S. dollar trading.

Oil Rallies As Mixed Markets Digest Recent Action

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Oil Rallies As Mixed Markets Digest Recent Action

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