Morning Juice – Europe Session Prep

Good Morning Traders.
It is Wednesday the 12th of August. Here is what to look out for today.

Sentiment
Pakistan’s defense minister said the US and Iran are “close to some sort of arrangement” over the Strait of Hormuz, even after both sides appeared to toughen their positions in the long- deadlocked negotiations. Oil held a five-day gain as traders monitored efforts to reach a deal that could help restore energy flows through the Strait of Hormuz. Yen traders are ramping up options market activity ahead of key US inflation data, turning to derivatives for flexibility amid a lack of consensus on the currency’s direction. New Zealand Prime Minister Christopher Luxon said the governing National Party has backed him to remain its leader in a confidence vote less than three months before a general election.

Docket
02:00 ET
German CPI
YoY – Forecast: 2.8% | Prior: 2.8% | Range: 2.8% / 2.7%
MoM – Forecast: 0.8% | Prior: 0.8% | Range: 0.8% / 0.1%
HICP YoY – Forecast: 2.8% | Prior: 2.8% | Range: 2.8% / 1%
HICP MoM – Forecast: 0.9% | Prior: 0.9% | Range: 0.9% / -0.1%

04:00 ET
IEA Monthly Report

08:00 ET
OPEC Monthly Report