IronFX Daily Commentary by Charalambos Pissouros | 07/03/2017
March 7, 2017 10:37 am
• RBA remains on hold; maintains its neutral bias • RBA maintained a neutral bias. Reiterated that further easing could amplify financ. stability risks. • Likely to remain on hold for a while. Reaction in AUD was limited (little new information!). • Outlook for AUD is cautiously optimistic. But would avoid AUD/USD (hawkish Fed, strong USD). • Instead, EUR/AUD may be a better proxy to exploit any future AUD gains. • European political risks come back into the spotlight • French election update: Francois Fillon was formally announced as the Republican nominee, as Alain Juppe refused to step in. • Given that Fillon is seen as unlikely to win (recent scandal), his nomination may have increased the chances of Le Pen winning. • EUR took a hit on the news, and could remain on the back foot in coming days (Dutch election next week!). • Today’s highlights: • Germany: Factory orders for Jan. though usually not a major market mover. • US: Trade balance for Jan. Deficit is exp. to widen, which may hurt USD a bit. However, given the elevated expectations for a March hike, any negative reaction may remain short-lived. • Canada: Ivey PMI for Feb. and trade balance data for Jan.
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• RBA remains on hold; maintains its neutral bias
• RBA maintained a neutral bias. Reiterated that further easing could amplify financ. stability risks.
• Likely to remain on hold for a while. Reaction in AUD was limited (little new information!).
• Outlook for AUD is cautiously optimistic. But would avoid AUD/USD (hawkish Fed, strong USD).
• Instead, EUR/AUD may be a better proxy to exploit any future AUD gains.
• European political risks come back into the spotlight
• French election update: Francois Fillon was formally announced as the Republican nominee, as Alain Juppe refused to step in.
• Given that Fillon is seen as unlikely to win (recent scandal), his nomination may have increased the chances of Le Pen winning.
• EUR took a hit on the news, and could remain on the back foot in coming days (Dutch election next week!).
• Today’s highlights:
• Germany: Factory orders for Jan. though usually not a major market mover.
• US: Trade balance for Jan. Deficit is exp. to widen, which may hurt USD a bit. However, given the elevated expectations for a March hike, any negative reaction may remain short-lived.
• Canada: Ivey PMI for Feb. and trade balance data for Jan.
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
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