IronFX Daily Commentary by Charalambos Pissouros | 01/03/2016
March 1, 2016 9:34 am
RBA on hold but maintains easing bias • The RBA remained on hold as expected, but reiterated further easing may be needed. • Continued low inflation would provide scope for easier policy. • We stay focused on the incoming data that will determine AUD direction (GDP Wed.).
Saudi pledges to limit oil volatility • Saudi Arabia said it will work with other major producers to limit oil price fluctuations. • Meanwhile, US shale producers have begun to reduce output somewhat. • Oil prices could remain supported if excess supply is contained, but Iran still a risk.
Today: • Sweden & Norway: Manufacturing PMIs for Feb. are both exp. to decline. • France, Germany & Eurozone: Final manufacturing PMIs for Feb. • Germany & Eurozone: Unemployment rates for Feb. are exp. to remain unchanged. • UK: Manufacturing PMI for Feb. is exp. to decline. Could prove GBP-negative. • Canada: Q4 GDP growth rate is exp. to fall to 0.0% qoq from +2.3% qoq previously. This could be CAD-negative.
US: ISM and final Markit manufacturing PMIs for Feb.
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RBA on hold but maintains easing bias
• The RBA remained on hold as expected, but reiterated further easing may be needed.
• Continued low inflation would provide scope for easier policy.
• We stay focused on the incoming data that will determine AUD direction (GDP Wed.).
Saudi pledges to limit oil volatility
• Saudi Arabia said it will work with other major producers to limit oil price fluctuations.
• Meanwhile, US shale producers have begun to reduce output somewhat.
• Oil prices could remain supported if excess supply is contained, but Iran still a risk.
Today:
• Sweden & Norway: Manufacturing PMIs for Feb. are both exp. to decline.
• France, Germany & Eurozone: Final manufacturing PMIs for Feb.
• Germany & Eurozone: Unemployment rates for Feb. are exp. to remain unchanged.
• UK: Manufacturing PMI for Feb. is exp. to decline. Could prove GBP-negative.
• Canada: Q4 GDP growth rate is exp. to fall to 0.0% qoq from +2.3% qoq previously. This could be CAD-negative.
US: ISM and final Markit manufacturing PMIs for Feb.
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To get the latest Forex trading news you should:
• Download the IronFX Research app: http://goo.gl/jhQIxO
• Like us on Facebook: https://www.facebook.com/IronFX
• Follow us on Instagram: https://www.instagram.com/ironfx
• Follow us on LinkedIn: https://goo.gl/wSEbPN
• Follow us on Twitter: https://twitter.com/IronFXGlobal
• Circle us on Google+: https://www.google.com/+Ironfxglobal
• Subscribe to our Channel: http://bit.ly/1foFmCU
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