IronFX Daily Commentary by Charalambos Pissouros | 26/01/2017
January 26, 2017 9:47 am
New Zealand’s CPI accelerates and lifts the Kiwi • New Zealand’s CPI accelerated sharply in Q4 to +1.3% yoy from +0.4% yoy prev. • Very encouraging, shows the strength of NZ’s economy and that the 3 rates cuts by the RBNZ in 2016 may have worked. • NZD surged. We exp. RBNZ to remain sidelined in coming months and maintain a neutral bias. • Given the strong economy overall and a neutral RBNZ, NZD could remain supported for a while.
Dow Jones breaks above 20000, hits a new all-time high • US Dow Jones industrial average finally broke above the psychological zone of 20000. • No major fundamental news behind the move. Overall market sentiment is risk-on lately. • Latest Trump orders (building oil pipelines, Mexican wall), may have supported the break a bit.
Today’s highlights: • Germany: Gfk consumer sentiment index for Feb. Usually not a major market mover. • Sweden: PPI and unemployment rate, both for Dec. • UK: Gov. to introduce Article 50 legislation to Parliament (but unlikely to be a major market mover). Also, 1st estimate of Q4 GDP is exp. to slow down a bit, which may hurt GBP on the news. • US: New home sales for Dec. and initial jobless claims for the week ended Jan. 20th. • Speakers: UK Brexit Secretary David Davis speaks to Parliament.
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New Zealand’s CPI accelerates and lifts the Kiwi
• New Zealand’s CPI accelerated sharply in Q4 to +1.3% yoy from +0.4% yoy prev.
• Very encouraging, shows the strength of NZ’s economy and that the 3 rates cuts by the RBNZ in 2016 may have worked.
• NZD surged. We exp. RBNZ to remain sidelined in coming months and maintain a neutral bias.
• Given the strong economy overall and a neutral RBNZ, NZD could remain supported for a while.
Dow Jones breaks above 20000, hits a new all-time high
• US Dow Jones industrial average finally broke above the psychological zone of 20000.
• No major fundamental news behind the move. Overall market sentiment is risk-on lately.
• Latest Trump orders (building oil pipelines, Mexican wall), may have supported the break a bit.
Today’s highlights:
• Germany: Gfk consumer sentiment index for Feb. Usually not a major market mover.
• Sweden: PPI and unemployment rate, both for Dec.
• UK: Gov. to introduce Article 50 legislation to Parliament (but unlikely to be a major market mover). Also, 1st estimate of Q4 GDP is exp. to slow down a bit, which may hurt GBP on the news.
• US: New home sales for Dec. and initial jobless claims for the week ended Jan. 20th.
• Speakers: UK Brexit Secretary David Davis speaks to Parliament.
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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