Simon Jones & Katrina on the rampage
You’d have thought it would be a quiet start to the week with public holidays in the UK and in the US yesterday. However at home, we’ve been celebrating a fantastic win in the fourth Ashes test, with Simon Jones leading the charge with 5-44 in the Australian first innings and Feddie slogging a ton in the 2nd.
In the US, Hurricane Katrina was causing similar amounts of damage in the Gulf of Mexico and the Southern US city of New Orleans. Reports of two oil platforms drifting freely in the Gulf put obvious pressure on oil prices, as they rallied back over $70 a barrel.
Markets calmed somewhat as Saudi Arabia said they would increase production to make up for the shortfall as 92% of oil-producing facilities in the Gulf of Mexico remain closed down for the moment.
The USD dollar was expecting some pressure as Katrina approached, as historically hurricanes have had a big impact on the price of oil. In the past year alone, no less than five hurricanes have markedly affected the price of West Texas Intermediate Crude.
However, the Greenback firmed in overnight trade as damage reports from oil facilities of the coasts of Louisiana & Texas weren't as bad as first expected.
As last week was surprisingly sparse of key economic data, this short week has plenty of punch for market movers. Locally out of the UK today sees consumer credit & mortgage figures for July and the CBI distributive trades report.
Out of the US today, we have August’s Consumer confidence figure; a fall is expected here with higher petrol prices at the pump. US Factory orders for July are also due at 3:00pm BST; with a significant fall here expected the USD could feel some heat.
The FOMC minutes from August 9th’s meeting are released later this evening, with markets expected to pour over the wording of it to get any insight into inflationary pressures and future rates rises. This week’s key piece of data is the US Non-farm Payrolls due Friday; a positive number is anticipated here, which would lend support to the US Dollar moving into the week’s end.
In the US, Hurricane Katrina was causing similar amounts of damage in the Gulf of Mexico and the Southern US city of New Orleans. Reports of two oil platforms drifting freely in the Gulf put obvious pressure on oil prices, as they rallied back over $70 a barrel.
Markets calmed somewhat as Saudi Arabia said they would increase production to make up for the shortfall as 92% of oil-producing facilities in the Gulf of Mexico remain closed down for the moment.
The USD dollar was expecting some pressure as Katrina approached, as historically hurricanes have had a big impact on the price of oil. In the past year alone, no less than five hurricanes have markedly affected the price of West Texas Intermediate Crude.
However, the Greenback firmed in overnight trade as damage reports from oil facilities of the coasts of Louisiana & Texas weren't as bad as first expected.
As last week was surprisingly sparse of key economic data, this short week has plenty of punch for market movers. Locally out of the UK today sees consumer credit & mortgage figures for July and the CBI distributive trades report.
Out of the US today, we have August’s Consumer confidence figure; a fall is expected here with higher petrol prices at the pump. US Factory orders for July are also due at 3:00pm BST; with a significant fall here expected the USD could feel some heat.
The FOMC minutes from August 9th’s meeting are released later this evening, with markets expected to pour over the wording of it to get any insight into inflationary pressures and future rates rises. This week’s key piece of data is the US Non-farm Payrolls due Friday; a positive number is anticipated here, which would lend support to the US Dollar moving into the week’s end.
posted by Drs Search @ 2:35 PM
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