IronFX Daily Commentary by Charalambos Pissouros | 07/03/2017
March 7, 2017 10:37 amVideo
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• RBA remains on hold; maintains its neutral bias
• RBA maintained a neutral bias. Reiterated that further easing could amplify financ. stability risks.
• Likely to remain on hold for a while. Reaction in AUD was limited (little new information!).
• Outlook for AUD is cautiously optimistic. But would avoid AUD/USD (hawkish Fed, strong USD).
• Instead, EUR/AUD may be a better proxy to exploit any future AUD gains.
• European political risks come back into the spotlight
• French election update: Francois Fillon was formally announced as the Republican nominee, as Alain Juppe refused to step in.
• Given that Fillon is seen as unlikely to win (recent scandal), his nomination may have increased the chances of Le Pen winning.
• EUR took a hit on the news, and could remain on the back foot in coming days (Dutch election next week!).
• Today’s highlights:
• Germany: Factory orders for Jan. though usually not a major market mover.
• US: Trade balance for Jan. Deficit is exp. to widen, which may hurt USD a bit. However, given the elevated expectations for a March hike, any negative reaction may remain short-lived.
• Canada: Ivey PMI for Feb. and trade balance data for Jan.
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