All eyes on NFP report
|Markets anxiously await today’s NFP employment report from the US which is expected to show an increase of 500K jobs and could be crucial for the next FED decision. The US central bank has been adamant about needing confirmations of an improving job market and today’s report could seal the deal for the bank to announce upcoming QE tapering in the next meeting that will be held in November. Markets have been anticipating this announcement and any indication of upcoming QE tapering could cause major reactions across stocks, commodities and currencies. On the other hand, the FED could still decide to delay any changes to monetary policy in an attempt to avoid a potential over reaction, especially considering the recent economic climate which has seen supply shortages and higher fuel prices increase uncertainty.
Oil prices rebound after US energy department comments
While Oil prices managed to pull back slightly in the past few days after reaching a multi year high, the upward move has resumed and prices are once again testing recent peaks. The situation changed once again after the US energy department announced that it will not be releasing its strategic reserves and that it was considering potentially banning exports in order to maintain steady supplies. After this news, and following OPEC’s decision earlier in the week to not increase production further, we could be seeing another upward move where prices break through those aforementioned highs, especially considering the potential increase in demand in the coming months.
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