IronFX Daily Commentary by Charalambos Pissouros | 31/01/2017
January 31, 2017 9:34 am
BoJ keeps policy unchanged, raises GDP forecasts • BoJ remained on hold via a 7-2 vote. Raised its GDP growth forecasts for the next 3 years. • Knee-jerk reaction in JPY was positive, but quickly gave back all its gains to trade unchanged. • We exp. the Bank to stay on hold for a while. As for JPY, its path will depend on its counterparts. • Signs of rising inflation elsewhere in the world could keep JPY on the back foot (base-case scen.) • Key risk to this would be a global risk-off event, causing yen to strengthen due to safe-haven flows.
Trump introduces two-for-one executive order on regulations • Latest exec. order states that for every new gov. regulation, two other regulations must be dropped. • Clearly following through with pre-election pledges. May fuel speculation that he will follow through with fiscal promises too. • Focus for USD traders turns to FOMC tomorrow, NFP on Friday, prel. budget proposal on Monday.
Today’s highlights: • Eurozone: Prel. CPI for Jan. Headline rate is exp. to rise, core rate is exp. to remain unchanged. A surge in the headline rate could support EUR a bit, though the focus will probably be on the core rate. Also, GDP for Q4 and unemployment rate for Dec. • Canada: GDP for Nov. is exp. to have risen, a rebound from prev. CAD-positive. • Speakers: ECB Pres. Mario Draghi and Gov. Council member Francois Villeroy de Galhau. Also, UK Parliament will begin two-day debate on Brexit bill. Any new comments could impact GBP.
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BoJ keeps policy unchanged, raises GDP forecasts
• BoJ remained on hold via a 7-2 vote. Raised its GDP growth forecasts for the next 3 years.
• Knee-jerk reaction in JPY was positive, but quickly gave back all its gains to trade unchanged.
• We exp. the Bank to stay on hold for a while. As for JPY, its path will depend on its counterparts.
• Signs of rising inflation elsewhere in the world could keep JPY on the back foot (base-case scen.)
• Key risk to this would be a global risk-off event, causing yen to strengthen due to safe-haven flows.
Trump introduces two-for-one executive order on regulations
• Latest exec. order states that for every new gov. regulation, two other regulations must be dropped.
• Clearly following through with pre-election pledges. May fuel speculation that he will follow through with fiscal promises too.
• Focus for USD traders turns to FOMC tomorrow, NFP on Friday, prel. budget proposal on Monday.
Today’s highlights:
• Eurozone: Prel. CPI for Jan. Headline rate is exp. to rise, core rate is exp. to remain unchanged. A surge in the headline rate could support EUR a bit, though the focus will probably be on the core rate. Also, GDP for Q4 and unemployment rate for Dec.
• Canada: GDP for Nov. is exp. to have risen, a rebound from prev. CAD-positive.
• Speakers: ECB Pres. Mario Draghi and Gov. Council member Francois Villeroy de Galhau. Also, UK Parliament will begin two-day debate on Brexit bill. Any new comments could impact GBP.
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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