IronFX Daily Commentary by Marios Hadjikyriacos | 23/01/2017
January 23, 2017 9:17 am
Trump’s inauguration spells further downside for USD • Very little on economics. Most noteworthy comment was on infrastructure, where he reiterated that he will build roads, bridges, etc. • Perhaps due to the lack of any clarity with regards to fiscal & regulatory reforms, USD tumbled in the aftermath. • Without any news on these two key subjects, the current pullback may continue for a while. • Likely date for fiscal details: 6th of Feb., when the Pres. submits his budget to Congress.
Today: • Eurozone: Prel. Consumer confidence index for Jan. Usually not a major market mover. • Speakers: ECB President Mario Draghi and Executive Board member Peter Praet.
As for the rest of the week: • Tue: UK Supreme Court decision on whether Parliament should have a say in triggering Brexit. If Parliament is allowed to vote, we may see another relief rally in GBP. If not, sterling may come under renewed selling interest. • Wed: Australia’s CPI for Q4. Later in the day, we get New Zealand’s CPI data for Q4 as well. • Thur: From the UK, we get the 1st estimate of Q4 GDP. • Frid: Japan’s CPI data for Dec. From the US, 1st estimate of Q4 GDP and durable goods orders for Dec.
Trump’s inauguration spells further downside for USD
• Very little on economics. Most noteworthy comment was on infrastructure, where he reiterated that he will build roads, bridges, etc.
• Perhaps due to the lack of any clarity with regards to fiscal & regulatory reforms, USD tumbled in the aftermath.
• Without any news on these two key subjects, the current pullback may continue for a while.
• Likely date for fiscal details: 6th of Feb., when the Pres. submits his budget to Congress.
Today:
• Eurozone: Prel. Consumer confidence index for Jan. Usually not a major market mover.
• Speakers: ECB President Mario Draghi and Executive Board member Peter Praet.
As for the rest of the week:
• Tue: UK Supreme Court decision on whether Parliament should have a say in triggering Brexit. If Parliament is allowed to vote, we may see another relief rally in GBP. If not, sterling may come under renewed selling interest.
• Wed: Australia’s CPI for Q4. Later in the day, we get New Zealand’s CPI data for Q4 as well.
• Thur: From the UK, we get the 1st estimate of Q4 GDP.
• Frid: Japan’s CPI data for Dec. From the US, 1st estimate of Q4 GDP and durable goods orders for Dec.
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