FXTM Senior Research
Analyst
It will be a relatively quiet week for
the Nigerian economy data-wise with the latest inflation figures and balance of
trade figures under the spotlight.
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Given how the European Central Bank (ECB) has joined the global easing train in
the face of plateauing global growth and trade uncertainty, this widens the
path for central banks across the world to support their respective economies.
Much attention will be directed towards the inflation figures for August which
may shape monetary policy expectations for the rest of 2019.
Consumer prices are expected to rise
11.1% year-over-year last month. There will also be a strong focus on the
balance of trade for Q2 which will be closely scrutinized by investors for
signs of low oil prices impacting exports.
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In the commodity markets, Oil prices
soared 20% as markets reopened to trade near $72 before surrendering half of
its gains a few hours later. The drone attack on Saudi Arabia’s oil fields over
the weekend have caused a disruption of 5.7 million barrels per day, which is
almost 5% of global oil supply.
With the dynamics influencing oil
prices swinging back to supply side from demand side factors, oil bulls could
remain in control as geopolitical tensions hit global supply. A sustained
appreciation in oil prices will be good news for emerging market energy
exporters like Nigeria.
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Market sentiment is positioned to
remain driven by geopolitical tensions following the drone attack on Saudi
Arabian oil fields, US-China trade developments, Brexit and global stimulus
hopes.
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The main risk in the week ahead will be
the FOMC meeting and press conference. With a rate cut by the Federal Reserve a
foregone conclusion, all eyes will be on Jerome Powell’s conference. Will the
Fed fulfill market expectations by signalling further rate cuts in Q4 and
beyond? This is a question on the mind of many investors.
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