In stocks, Disney beat the street by a penny overnight while Delta Air Lines remains in focus after computer problems cancelled hundreds and delayed thousands of flights this week.
Commodities continue to attract significant attention today. Crude oil, which rallied to start the week on hopes producers could meet this fall to try and stabilize global production, has been falling back again. An increase in US API stockpiles and reports Saudi Arabia procuced a record amount of black gold in July have dragged on prices. Oil could be active through the morning particularly around the DOE inventory reports with traders still expecting a drawdown.
Currency markets have been stable as well today with GBPUSD trading back above $1.3000 after dipping below that level yesterday. USDCAD continues to trade just above $1.3000 and could be influenced by today's oil market action.
Later in the day, NZDUSD could be active with an RBNZ rate decision due at 500 pm EDT. New Zealand's central bank is widely expected to follow Australia's RBA and deliver a 0.25% interest rate cut. Recent trading in the Kiwi Dollar, however, suggests traders see the decision as more of a coin toss so there could be action on the news regardless of the decision.
Walt Disney $1.62 vs street $1.61
US API crude oil inventories 2.1 mmbbls
Upcoming significant economic announcements include:
10:30 am EDT US DOE crude oil inventories street (1.5 mmbbls)
10:30 am EDT US DOE gasoline inventories street (1.3 mmbbls)
9:00 am NZST Thu NZ RBNZ interest rate 0.25% cut to 2.00% expected
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