IronFX Daily Commentary by Charalambos Pissouros | 18/04/2017
April 18, 2017 8:47 am
RBA minutes reflect the meeting statement • Overnight, the RBA minutes were more or less in line with the meeting statement. • They noted that some labor market indicators have softened recently. • Also, the measures with regards to lending could ease financial stability risks. • This suggests that the Bank may be more flexible to cut rates again if needed. • AUD reaction was muted at the release. It was falling ahead, and continued in the aftermath.
US Treasury Secretary helps the dollar recover somewhat • US Tr. Sec. Mnuchin said that a strong dollar would be a good thing over the long-term. • He also said that President Trump’s recent remarks were about the short-term. • USD/JPY rebounded on the remarks to hit resistance slightly below 109.30. • We don’t believe that this will develop into a strong rally, given that geopolitical tensions in North Korea are far from diminished. We would treat it as a corrective move for now. • Headlines that could heighten concerns further may cause the pair to turn down again.
Today: • US: Industrial production for March (13:15 GMT). Expectations are for an acceleration, which could support somewhat the dollar. Building permits and housing starts, both for March (12:30 GMT) • NZ: GDT (Global Dairy Trade) index (14:00 GMT). No forecast. Any reaction in NZD could stay limited as NZD-traders have their gaze locked on Thursday’s CPI data. • Speakers: Kansas City Fed President Esther George (13:00 GMT).
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RBA minutes reflect the meeting statement
• Overnight, the RBA minutes were more or less in line with the meeting statement.
• They noted that some labor market indicators have softened recently.
• Also, the measures with regards to lending could ease financial stability risks.
• This suggests that the Bank may be more flexible to cut rates again if needed.
• AUD reaction was muted at the release. It was falling ahead, and continued in the aftermath.
US Treasury Secretary helps the dollar recover somewhat
• US Tr. Sec. Mnuchin said that a strong dollar would be a good thing over the long-term.
• He also said that President Trump’s recent remarks were about the short-term.
• USD/JPY rebounded on the remarks to hit resistance slightly below 109.30.
• We don’t believe that this will develop into a strong rally, given that geopolitical tensions in North Korea are far from diminished. We would treat it as a corrective move for now.
• Headlines that could heighten concerns further may cause the pair to turn down again.
Today:
• US: Industrial production for March (13:15 GMT). Expectations are for an acceleration, which could support somewhat the dollar. Building permits and housing starts, both for March (12:30 GMT)
• NZ: GDT (Global Dairy Trade) index (14:00 GMT). No forecast. Any reaction in NZD could stay limited as NZD-traders have their gaze locked on Thursday’s CPI data.
• Speakers: Kansas City Fed President Esther George (13:00 GMT).
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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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