IronFX Daily Commentary by Charalambos Pissouros | 27/03/2017
March 27, 2017 9:12 am
USD slips as Trump fails to reform health care • Republicans decided to withdraw the bill on Friday (no vote), as they lacked the needed votes. • Even though Trump reassured investors he will now focus on tax reform, USD opened with a negative gap this week. • USD may stay on the back foot in coming days, on concerns that tax reform could encounter similar obstacles (Republicans appear divided).
Eurozone’s PMIs surge and lift the euro • Eurozone’s prel. PMIs for Mar. surged on Friday, indicating progress on all economic fronts. • GDP growth and employment at multi-year highs, prices rising at steepest rates since 2011. • EUR rose on these releases. Speculation regarding a gradual end to ECB stimulus (perhaps next year) could keep EUR supported.
Today: • Germany: Ifo survey for Mar. An increase in the expectations figure could prove EUR-positive.
As for the rest of the week: • Wed: UK gov. to trigger Article 50 and begin the process of leaving the EU. • Thu: Germany’s prel. CPI for Mar. and US final estimate of Q4 GDP. • Fri: Japan’s CPI data for Feb. and Eurozone’s prel. CPI for Mar. From the US, personal income & spending for Feb. Also, the core PCE price index for Feb. (Fed’s favorite infl. measure).
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USD slips as Trump fails to reform health care
• Republicans decided to withdraw the bill on Friday (no vote), as they lacked the needed votes.
• Even though Trump reassured investors he will now focus on tax reform, USD opened with a negative gap this week.
• USD may stay on the back foot in coming days, on concerns that tax reform could encounter similar obstacles (Republicans appear divided).
Eurozone’s PMIs surge and lift the euro
• Eurozone’s prel. PMIs for Mar. surged on Friday, indicating progress on all economic fronts.
• GDP growth and employment at multi-year highs, prices rising at steepest rates since 2011.
• EUR rose on these releases. Speculation regarding a gradual end to ECB stimulus (perhaps next year) could keep EUR supported.
Today:
• Germany: Ifo survey for Mar. An increase in the expectations figure could prove EUR-positive.
As for the rest of the week:
• Wed: UK gov. to trigger Article 50 and begin the process of leaving the EU.
• Thu: Germany’s prel. CPI for Mar. and US final estimate of Q4 GDP.
• Fri: Japan’s CPI data for Feb. and Eurozone’s prel. CPI for Mar. From the US, personal income & spending for Feb. Also, the core PCE price index for Feb. (Fed’s favorite infl. measure).
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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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