IronFX Daily Commentary by Charalambos Pissouros | 08/05/2017
May 8, 2017 9:13 amVideo
Latest News
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Macron becomes the new President of France
• Macron won by 66% to Le Pen’s 34%. EUR opened with a small positive gap.
• But quickly gave back its gains to trade even lower in the following hours.
• Despite the pullback, we think EUR’s short-term path is higher.
• With political risks dissipating, focus could shift back to the prospect of a more optimistic ECB.
US jobs report: Soft wage growth weighs on the dollar
• NFP rose 211k in April, higher than the forecast of 185k. The unemployment rate unexpectedly declined, against expectations for an uptick.
• The soft part was average hourly earnings. The yearly rate declined to +2.5% from +2.7%.
• USD weakened a bit in the aftermath. However, the probability for a June hike rose further (83%).
• Focus for USD traders now turns to Friday’s retail sales and CPI data.
Today:
• Speakers: St. Louis Fed president James Bullard.
• As for the rest of the week:
• Wed: China’s CPI & PPI data for April.
• Thu: RBNZ & BoE policy meetings. Both are likely to stand pat. We expect a slightly more upbeat tone from the RBNZ, but a somewhat more concerned tone from the BoE.
• Fri: US CPI and retail sales data, both for April.
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