IronFX Daily Commentary by Charalambos Pissouros | 13/02/2017
February 13, 2017 9:46 am
USD starts the week higher in the aftermath of Trump-Abe meeting • USD opened the week with a positive gap and traded higher in early Asian trading (esp. vs JPY). • May be due to the Trump-Abe meeting ending on a positive note. No comments on currency manipulation or trade policy. • Also, investors may have been concerned of Trump jawboning USD again. With that risk out of the way, they may have entered new USD long-positions. • Dollar may remain supported near-term. Focus now turns to Yellen’s testimonies and econ. data.
CAD lifted by remarkably strong employment data • Canadian jobs data for Jan. beat expectations and were particularly strong. CAD surged. • CAD may stay under buying interest (strong data, high oil prices), but we would avoid USD/CAD. • EUR/CAD may be a better proxy for CAD strength (also due to Eurozone’s political risks).
As for the rest of the week: • Tue: Chair Yellen testifies before Congress. Focus will be on her view of the economy. We exp. an overall optimistic tone, in line with her latest appearances. From UK, CPI data for January. Also, China’s CPI & PPI for Jan. • Wed: Riksbank rate decision. We exp. the Bank to remain on hold and maintain an upbeat stance. SEK-positive. Also, Yellen’s 2nd testimony and US CPI and retail sales data, both for Jan. • Frid: UK retail sales and Sweden’s CPI, both for Jan.
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USD starts the week higher in the aftermath of Trump-Abe meeting
• USD opened the week with a positive gap and traded higher in early Asian trading (esp. vs JPY).
• May be due to the Trump-Abe meeting ending on a positive note. No comments on currency manipulation or trade policy.
• Also, investors may have been concerned of Trump jawboning USD again. With that risk out of the way, they may have entered new USD long-positions.
• Dollar may remain supported near-term. Focus now turns to Yellen’s testimonies and econ. data.
CAD lifted by remarkably strong employment data
• Canadian jobs data for Jan. beat expectations and were particularly strong. CAD surged.
• CAD may stay under buying interest (strong data, high oil prices), but we would avoid USD/CAD.
• EUR/CAD may be a better proxy for CAD strength (also due to Eurozone’s political risks).
As for the rest of the week:
• Tue: Chair Yellen testifies before Congress. Focus will be on her view of the economy. We exp. an overall optimistic tone, in line with her latest appearances. From UK, CPI data for January. Also, China’s CPI & PPI for Jan.
• Wed: Riksbank rate decision. We exp. the Bank to remain on hold and maintain an upbeat stance. SEK-positive. Also, Yellen’s 2nd testimony and US CPI and retail sales data, both for Jan.
• Frid: UK retail sales and Sweden’s CPI, both for Jan.
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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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