May: We should focus to get the best deal with the EU

British Prime Minister Theresa May declined to comment on whether she would vote in favor of Brexit in other referendum, and avoided more than once answering an issue that determines the fate of future generations in Britain. Although she spoke of a promising Brexit since she took power last year, she quietly supported staying in the EU in the run-up to the June 2016 referendum.

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Hammond: The British economy is robust but surrounded by a cloud of uncertainty

Philip Hammond, the British finance minister, said:

• The IMF forecasts reflects how we have been affected by the uncertainty resulting from Brexit.

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USDX Slides Ahead of FOMC Meeting Minutes

Since the beginning of the week, the US Dollar Index has been declining, despite the fact that the US Jobs Report which was released on Friday came in with a notable improvement in wages growth, driving the Fed Fund Futures to spike to 87% chance for 25bps rate hike in December meeting.

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German exports rose in August despite the strength of the euro

The German trade surplus widened to 21.6 billion euros in August, exceeding expectations of only 19.8 billion euros, compared to 19.3 billion euros in July. According to data released today, German exports recorded their biggest monthly rise since August 2016.

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Barkindo: new members shall join output cuts agreement

Mohamed Barkindo, Secretary General of OPEC, made the following statement:

• Global demand in 2018 is still expected to reach 1.4 million bpd.
• Stocks stabilized at an average of 5 years at 171 million barrels in August compared with 338 million barrels at the beginning of the year and dominated by crude.

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Mersch: There is some disappointment with recent inflation data

Yves Mersch, ECB Executive Board member, made the following statement:

• The quantitative easing program has significantly improved the credit situation.
• It is difficult to predict inflation expectations in the light of global globalization.

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The Secretary General of OPEC sees the need for extraordinary measures to rebalance market

Mohamed Barkindo, Secretary General of OPEC, made the following statement:

• OPEC and other oil producers may need to take extraordinary action next year to restore market equilibrium.
• There is a growing consensus that the market equilibrium process is under way.

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New Zealand dollar is down at the beginning of the week

The New Zealand dollar opened lower with a gap against the US dollar reaching lowest level over four months at 0.7057, which is a strong support level.

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