IronFX Daily Commentary by Charalambos Pissouros | 01/05/2017
May 1, 2017 8:49 am
• RBA set to remain on hold; could shift to a more upbeat tone • Rate decision during the Asian morning Tuesday. Expected to take no action. • Economic data have improved since the latest gathering, where the Bank appeared worried. • As such, the tone of the accompanying statement may be more upbeat. If so, AUD-positive. • Eurozone’s inflation data lift the euro • The bloc’s preliminary headline & core CPI rates for April both rose by more than anticipated. • EUR surged, as this progress is in line with the story the ECB may appear more optimistic soon. • The euro could stay supported, especially since French polls continue to show Macron being safely ahead of Le Pen. • Today: • US: Core PCE price index, personal income & spending data, all for March (12:30 GMT). Also, ISM manufacturing PMI for April (14:00 GMT). Most are expected to slow/decline, which could hurt USD. • As for the rest of the week: • Tue: RBA policy decision. Also, UK manufacturing PMI for April. • Wed: FOMC rate decision. Widely expected to stand pat. We expect a more or less balanced tone, with risks tilted towards a more cautious narrative. In such case, USD-negative. • Thu: Norges Bank policy meeting and UK services PMI for April. • Fri: US employment data for April. The overall report looks solid. Could bring forth market expectations regarding the timing of the next hike and support USD.
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• RBA set to remain on hold; could shift to a more upbeat tone
• Rate decision during the Asian morning Tuesday. Expected to take no action.
• Economic data have improved since the latest gathering, where the Bank appeared worried.
• As such, the tone of the accompanying statement may be more upbeat. If so, AUD-positive.
• Eurozone’s inflation data lift the euro
• The bloc’s preliminary headline & core CPI rates for April both rose by more than anticipated.
• EUR surged, as this progress is in line with the story the ECB may appear more optimistic soon.
• The euro could stay supported, especially since French polls continue to show Macron being safely ahead of Le Pen.
• Today:
• US: Core PCE price index, personal income & spending data, all for March (12:30 GMT). Also, ISM manufacturing PMI for April (14:00 GMT). Most are expected to slow/decline, which could hurt USD.
• As for the rest of the week:
• Tue: RBA policy decision. Also, UK manufacturing PMI for April.
• Wed: FOMC rate decision. Widely expected to stand pat. We expect a more or less balanced tone, with risks tilted towards a more cautious narrative. In such case, USD-negative.
• Thu: Norges Bank policy meeting and UK services PMI for April.
• Fri: US employment data for April. The overall report looks solid. Could bring forth market expectations regarding the timing of the next hike and support USD.
Join us for more technical and fundamental analysis: http://www.ironfx.com
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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