IronFX Daily Commentary by Charalambos Pissouros | 29/02/2016
February 29, 2016 9:39 amVideo
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G20 meeting: More concerns but no action
• The G20 meeting ended with no new coordinated action to spur global growth.
• The members simply reiterated past policy commitments and showed little urge to take new bold measures.
• On FX rates, they agreed to consult closely the markets and refrain from competitive devaluation.
• No new actions is likely to keep demand for safe-haven assets intact.
Today:
• Germany & Norway: Both retail sales for Jan. are exp. to rise.
• Sweden: Q4 GDP is exp. to have slowed a bit. This could prove SEK-negative.
• Eurozone: Prel. CPI for Feb. is exp. to slow, which may prove EUR-negative.
• Canada: Current account balance for Q4.
• US: Chicago PMI for Feb. Pending home sales for Jan. Dallas Fed manuf. index for Feb.
This week:
• Tuesday: RBA rate decision. We exp. the Bank to remain on hold. China’s official and Caixin manufacturing PMIs for Feb. are exp. to decline a bit.
• Wednesday: Australia’s Q4 GDP and US ADP employment change.
• Thursday: No major indicators.
• Friday: US employment report for Feb. NFPs are exp. to increase, unemployment rate to remain unchanged and avg. hourly earnings to slow.
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