IronFX Daily Commentary by Charalambos Pissouros | 27/03/2017
March 27, 2017 9:12 amVideo
Latest News
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USD slips as Trump fails to reform health care
• Republicans decided to withdraw the bill on Friday (no vote), as they lacked the needed votes.
• Even though Trump reassured investors he will now focus on tax reform, USD opened with a negative gap this week.
• USD may stay on the back foot in coming days, on concerns that tax reform could encounter similar obstacles (Republicans appear divided).
Eurozone’s PMIs surge and lift the euro
• Eurozone’s prel. PMIs for Mar. surged on Friday, indicating progress on all economic fronts.
• GDP growth and employment at multi-year highs, prices rising at steepest rates since 2011.
• EUR rose on these releases. Speculation regarding a gradual end to ECB stimulus (perhaps next year) could keep EUR supported.
Today:
• Germany: Ifo survey for Mar. An increase in the expectations figure could prove EUR-positive.
As for the rest of the week:
• Wed: UK gov. to trigger Article 50 and begin the process of leaving the EU.
• Thu: Germany’s prel. CPI for Mar. and US final estimate of Q4 GDP.
• Fri: Japan’s CPI data for Feb. and Eurozone’s prel. CPI for Mar. From the US, personal income & spending for Feb. Also, the core PCE price index for Feb. (Fed’s favorite infl. measure).
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