- US manufacturing contracts for a fourth straight month. You can read the full post here
- FED's Vice Chairman, Stanley Fisher, cited it is not yet clear how volatility will effect the US economy. Whilst warning that the volatility seen across global markets could impact US growth, he also cited that we have in recent years seen similar bouts of volatility which didn't negatively effect the US.
- Oil prices broke their bullish streak, with WTI shedding over 6%, after OPEC members actively dampened hopes of a production cut. Oil markets had rallied to a 3-week high after hopes of a deal between Russia and OPEC would lead to a 5% cut in production but, technically, Oil remains in a bearish trend and without a production cut in the table we cannot rule out fresh new lows.
- ECB president Draghi noted Eurozone inflation is "tangibly weaker" than the bank had expected, which increaes the likelyhood of further stimuls from the Bank in their March meeting. The pressure to act has increased since Bank of Japan reverted to negative interest rates on Friday.
Nylon Handover: Greenback and WTI lower overnight.
Yet more weak data overnight from US and the growing realisation that oil production has not yet peaked saw the USD and Oil move in lockstep to the downside.