IronFX Daily Commentary by Charalambos Pissouros | 30/09/2016
September 30, 2016 8:43 amVideo
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Concerns over large European banks lead to risk aversion
• Worries regarding the health of big European banks led market moves yesterday.
• Gold, JPY, CHF and USD all came under buying pressure, while US stocks slid.
• We could see this environment of risk aversion continue for a while in the absence of news.
Yen trades in a rollercoaster fashion
• But JPY gave back yesterday’s gains during the Asian session today.
• Could have been due to former US Treasury Secretary Summers saying the BoJ may be interested in buying foreign stocks.
Today’s highlights:
• Germany: Retail sales for Aug. are exp. to decline.
• UK: Final GDP and the current account balance for Q2. As these are pre-referendum data, they are likely to attract less attention. Reaction in GBP may be limited.
• Eurozone: Prel. CPI for Sep. is exp. to accelerate. The forecast is supported by a similar acceleration in Germany’s CPI. This could support the EUR. Also, unempl. rate for Aug.
• US: Personal income & spending for Aug. are both exp. to slow. These could hurt USD. Also, core PCE price index for Aug. and Chicago PMI for Sep.
• Speakers: Dallas Fed President Robert Kaplan.
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