IronFX Daily Commentary by Charalambos Pissouros | 01/03/2017
March 1, 2017 10:25 am
USD surges after a salvo of FOMC and Trump remarks • USD rally was sparked by comments from NY Fed Pres. Dudley, saying the case for a rate hike has become “a lot more compelling”. • Probability for a March hike surged as a result, though we still think that an unlikely scenario. • Trump’s comments helped USD as well. He said he wants USD 1 trillion worth of investment on infrastructure. • Outlook for USD is positive right now. However, a lot will depend on upcoming econ. data, and Yellen’s comments on Friday.
BoC to take the sidelines amid improving data • BoC widely exp. to stand pat. Policy statements have been neutral lately, but press conferences have been dovish. • This meeting has no press conf., so focus will be on the phrasing of the meeting statement. • Data have improved lately, so the language may remain neutral, which could support CAD. • But they could reiterate their concerns about a strong CAD. If so, it could offset some of the potential gains in the currency.
As for the rest of today’s highlights: • UK: Manuf. PMI for Feb. is exp. to have ticked down. GBP-negative. • US: Core PCE price index for Jan. Also, personal income & spending for Jan., and ISM manuf. PMI for Feb. Focus will be on the PCE, where a potential uptick in the rate could support USD.
To get the latest Forex trading news you should: • Download the IronFX Research app: http://goo.gl/jhQIxO • Like us on Facebook: https://www.facebook.com/IronFX • Follow us on Instagram: https://www.instagram.com/ironfx • Follow us on LinkedIn: https://goo.gl/wSEbPN • Follow us on Twitter: https://twitter.com/IronFXGlobal • Circle us on Google+: https://www.google.com/+Ironfxglobal • Subscribe to our Channel: http://bit.ly/1foFmCU
USD surges after a salvo of FOMC and Trump remarks
• USD rally was sparked by comments from NY Fed Pres. Dudley, saying the case for a rate hike has become “a lot more compelling”.
• Probability for a March hike surged as a result, though we still think that an unlikely scenario.
• Trump’s comments helped USD as well. He said he wants USD 1 trillion worth of investment on infrastructure.
• Outlook for USD is positive right now. However, a lot will depend on upcoming econ. data, and Yellen’s comments on Friday.
BoC to take the sidelines amid improving data
• BoC widely exp. to stand pat. Policy statements have been neutral lately, but press conferences have been dovish.
• This meeting has no press conf., so focus will be on the phrasing of the meeting statement.
• Data have improved lately, so the language may remain neutral, which could support CAD.
• But they could reiterate their concerns about a strong CAD. If so, it could offset some of the potential gains in the currency.
As for the rest of today’s highlights:
• UK: Manuf. PMI for Feb. is exp. to have ticked down. GBP-negative.
• US: Core PCE price index for Jan. Also, personal income & spending for Jan., and ISM manuf. PMI for Feb. Focus will be on the PCE, where a potential uptick in the rate could support USD.
Join us for more technical and fundamental analysis: http://www.ironfx.com
To get the latest Forex trading news you should:
• Download the IronFX Research app: http://goo.gl/jhQIxO
• Like us on Facebook: https://www.facebook.com/IronFX
• Follow us on Instagram: https://www.instagram.com/ironfx
• Follow us on LinkedIn: https://goo.gl/wSEbPN
• Follow us on Twitter: https://twitter.com/IronFXGlobal
• Circle us on Google+: https://www.google.com/+Ironfxglobal
• Subscribe to our Channel: http://bit.ly/1foFmCU
Related Posts: