IronFX Daily Commentary by Charalambos Pissouros | 09/03/2017
March 9, 2017 10:06 am
ECB set to stand pat; Draghi likely to repeat previous mantra • ECB is widely exp. to stand pat. Focus will be on Draghi’s press conf. for fresh signals on policy. • Likely to remain dovish and repeat previous comments that he sees no convincing upward trend in underlying inflation. • This could prove EUR-negative, but such a reaction is likely to be modest (as investors may already expect a dovish tone from Draghi).
ADP report crushes forecasts, enhances speculation for a strong NFP • ADP report came 297k in February, far higher than the forecast for 190k. • This suggests that the NFP figure (due out tomorrow), may also beat its forecast of 190k. • As a result, USD surged. If the employment data tomorrow are as strong as exp., then a March rate hike looks to be a done deal.
WTI prices collapse on surprisingly large US inventory build • WTI collapsed yest. following a surprisingly large inventory build in US oil supplies. • Oil could remain on the back foot for a while, especially if subsequent reports continue to show an abundance of supply. • Also, US shale producers have begun returning to the market. May be another negative for WTI.
As for the rest of today’s highlights: • US: Initial jobless claims for the week ended Mar. 3rd.
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ECB set to stand pat; Draghi likely to repeat previous mantra
• ECB is widely exp. to stand pat. Focus will be on Draghi’s press conf. for fresh signals on policy.
• Likely to remain dovish and repeat previous comments that he sees no convincing upward trend in underlying inflation.
• This could prove EUR-negative, but such a reaction is likely to be modest (as investors may already expect a dovish tone from Draghi).
ADP report crushes forecasts, enhances speculation for a strong NFP
• ADP report came 297k in February, far higher than the forecast for 190k.
• This suggests that the NFP figure (due out tomorrow), may also beat its forecast of 190k.
• As a result, USD surged. If the employment data tomorrow are as strong as exp., then a March rate hike looks to be a done deal.
WTI prices collapse on surprisingly large US inventory build
• WTI collapsed yest. following a surprisingly large inventory build in US oil supplies.
• Oil could remain on the back foot for a while, especially if subsequent reports continue to show an abundance of supply.
• Also, US shale producers have begun returning to the market. May be another negative for WTI.
As for the rest of today’s highlights:
• US: Initial jobless claims for the week ended Mar. 3rd.
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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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