IronFX Daily Commentary by Marios Hadjikyriacos | 13/04/2017
April 13, 2017 9:12 am
Trump vs US dollar: Round 3 • USD crashed yesterday, after US President Trump jawboned the currency once again. • He said the dollar is “getting too strong”. He added he would prefer the Fed to keep rates low. • This is a major turnaround in rhetoric (pre-election: the Fed is keeping rates too low!). • He added that will not label China as a currency manipulator after all. • USD could stay on the back foot, at least until tomorrow’s CPI & retail sales data.
BoC shifts to a slightly more upbeat bias • The BoC remained on hold yesterday. The accompanying statement was slightly more optimistic. • Key message: the situation in Canada is improving, but it’s too soon for the Bank to materially change its stance. • CAD strengthened on the decision, but gave back its gains during Poloz’s press conference. • Given the strength of domestic data, the slightly more upbeat stance by the Bank and higher oil prices, CAD may stay supported in the next days.
Today’s highlights: • US: PPI data for March and initial jobless claims for the week ended April 7th (both 12:30 GMT). Also, preliminary U of M consumer sentiment index for April (14:00 GMT).
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Trump vs US dollar: Round 3
• USD crashed yesterday, after US President Trump jawboned the currency once again.
• He said the dollar is “getting too strong”. He added he would prefer the Fed to keep rates low.
• This is a major turnaround in rhetoric (pre-election: the Fed is keeping rates too low!).
• He added that will not label China as a currency manipulator after all.
• USD could stay on the back foot, at least until tomorrow’s CPI & retail sales data.
BoC shifts to a slightly more upbeat bias
• The BoC remained on hold yesterday. The accompanying statement was slightly more optimistic.
• Key message: the situation in Canada is improving, but it’s too soon for the Bank to materially change its stance.
• CAD strengthened on the decision, but gave back its gains during Poloz’s press conference.
• Given the strength of domestic data, the slightly more upbeat stance by the Bank and higher oil prices, CAD may stay supported in the next days.
Today’s highlights:
• US: PPI data for March and initial jobless claims for the week ended April 7th (both 12:30 GMT). Also, preliminary U of M consumer sentiment index for April (14:00 GMT).
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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