Economic calendar: Oil and SEK in the spotlight

Summary:
- Riksbank to publish minutes in the morning
- Electronic Arts (EA.US) and Tripadvisor (TRIP.US) among companies reporting earnings today
- API report expected to show a decline in oil stockpiles

Tuesday’s calendar looks empty with just a few reading scheduled for release. Swedish krone may gather attention as semi-important data and Riksbank minutes are set to be released. American Petroleum Institute will publish estimates on the change in oil inventories in the evening. In the meantime numerous central bankers will deliver their speeches, including Riksbank Governor Ingves.

9:30 am BST - Swedish industrial new orders and Riksbank minutes. The Swedish krone had a rough time so far in 2019 and is the worst performing YTD G10 currency. Somewhat lacklustre data from Sweden can be named as a reason behind. SEK can be subject to elevated volatility today due to industrial orders data and Riksbank minutes. However, it should be noted that the latest Riksbank meeting was quite a dovish one and so can be the minutes.

9:40 pm BST - API report on oil inventories. Oil took a dive lower yesterday along with other risky assets. However, this drop was fully erased by the end of the day and now both WTI and Brent, trade above last week’s closes. While oil prices are likely to remain vulnerable to geopolitics and trade issues, inventories data may trigger short-term moves. Last week saw a massive build of 9.9 million barrel but today’s API data is expected to show a 1.3 million barrel decline.

Central bankers’ speeches:
- 10:20 am BST - BoE’s Cunliffe
- 11:15 am BST - Riksbank Governor Ingves
- 12:00 pm BST - Fed’s Kaplan
- 4:35 pm BST - Fed’s Quarles
- 5:30 pm BST - BoE’s Haldane

Major US companies reporting earnings today:
- Electronic Arts (EA.US)
- Tripadvisor (TRIP.US)
- Sprint (S.US)
- Regeneron Pharmaceuticals (REGN.US)
Brent (OIL) bounced off the 50- and 200-session moving average yesterday and climbed back above the price zone ranging around $71 handle. The two averages are crossing at the moment with high chance of painting a golden cross pattern, a potential bullish signal. Source: xStation5