IEA report in focus ahead of Yellen’s speech tomorrow – Danske Bank

By FXStreet Research Team at Danske Bank, suggests that there is a limited number of interesting data releases on the calendar today to guide financial markets in the midst of rising turmoil.

Key Quotes

“The market will therefore likely position itself ahead of Federal Reserve chairwoman Janet Yellen’s Humphrey Hawkins testimony tomorrow.

The key event for the oil market will be the release of the International Energy Agency’s Oil Market Report today. Last month’s report showed a drop in China’s oil demand in Q4 15 and a downwards revision in its forecasted demand for 2016. The market will therefore take note of further revisions to the outlook for world oil demand, as weak demand has been the main culprit behind the significant slide in the oil price.

The US Energy Information Administration is also scheduled to publish its updated oil market forecasts in its Short Term Energy Outlook today.”
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Source:: FX Street