Commodities: Oil and US GDP in focus this week - TDS
|Analysts at TD Securities suggest that for the commodities market, while this week's economic calendar is lighter than usual, market observers will be keeping an eye on a few key data points, with the Q1 advance GDP reading and durable goods reports as the macroeconomic highlights.
Key Quotes
“The German IFO data will likely also be of note.”
“Apart from the muted macroeconomic calendar, this week will likely be monumental for earnings season. As the equities' melt-up rhetoric continues to grow, undermining allocations to gold, positive earnings will be likely be a key factor watched in the equities space, particularly with the technology giants due to report.”
“In energy markets, apart from the weekly DOE report, participants will be deciphering the implications of the US Administration's hard-line policy on Iran. As noted above, we suspect that Saudi and other regional allies will ultimately fill the gap, but see risks of a temporal dislocation that could shoot oil prices higher.”
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