IronFX Daily Commentary by Charalambos Pissouros | 30/01/2017
January 30, 2017 9:47 am
BoJ: Playing the waiting game • BoJ is widely expected to remain on hold. Focus will be on the language of the statement. • There’s market chatter about the prospect of the BoJ withdrawing some stimulus (tapering). • We think it’s far too early to discuss this, and we exp. the Bank to remain dovish (data are soft!). • In such a case, the reaction in JPY may be negative.
Today: • Germany: Prel. CPI for Jan. is exp. to accelerate. EUR-positive. • US: Personal income & spending data for Dec. Both rates are exp. to rise. USD-positive.
As for the rest of the week: • Tue: BoJ policy meeting (decision to be announced during Asian morning). • Wed: FOMC rate decision. Highly unlikely to hike rates, but the language in the meeting statement may be optimistic, which could support USD. Also, ADP employment report and ISM manuf. PMI, both for Jan. • Thur: BoE’s “Super Thursday”. Besides the rate decision, we get the quarterly Inflation Report and a press conf. by Gov. Carney. Focus will be on the outlook for inflation, and the possibility for a hike in the future, considering how fast inflation is rising. • Frid: US employment report for Jan. Overall, forecasts point to another month of solid jobs gains, which could boost USD. Also, ISM non-manuf. PMI for Jan.
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BoJ: Playing the waiting game
• BoJ is widely expected to remain on hold. Focus will be on the language of the statement.
• There’s market chatter about the prospect of the BoJ withdrawing some stimulus (tapering).
• We think it’s far too early to discuss this, and we exp. the Bank to remain dovish (data are soft!).
• In such a case, the reaction in JPY may be negative.
Today:
• Germany: Prel. CPI for Jan. is exp. to accelerate. EUR-positive.
• US: Personal income & spending data for Dec. Both rates are exp. to rise. USD-positive.
As for the rest of the week:
• Tue: BoJ policy meeting (decision to be announced during Asian morning).
• Wed: FOMC rate decision. Highly unlikely to hike rates, but the language in the meeting statement may be optimistic, which could support USD. Also, ADP employment report and ISM manuf. PMI, both for Jan.
• Thur: BoE’s “Super Thursday”. Besides the rate decision, we get the quarterly Inflation Report and a press conf. by Gov. Carney. Focus will be on the outlook for inflation, and the possibility for a hike in the future, considering how fast inflation is rising.
• Frid: US employment report for Jan. Overall, forecasts point to another month of solid jobs gains, which could boost USD. Also, ISM non-manuf. PMI 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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