IronFX Daily Commentary by Charalambos Pissouros | 01/08/2016
August 1, 2016 9:07 am
Soft US GDP reduces bets of a near-term Fed hike • The 1st estimate of US GDP for Q2 came in much below expectations. USD weakened and the market probability for a hike this year declined. • Solid data for Q3 are needed in order to bring forward market expectations for a near-term hike.
Today is a PMI day: • France, Germany & Eurozone: Final manufacturing PMIs for Jul. Usually not market movers. • UK: Final manufacturing PMI for Jul. is exp. to confirm its prel. estimate. • US: ISM manufacturing PMI for Jul. is exp. to decline somewhat. Could prove USD-negative.
This week: • Tuesday: RBA policy meeting. We exp. the Bank to cut rates, which could hurt AUD. Japan’s gov. will announce the details of its fiscal stimulus package. New Zealand’s 2-year inflation expectations are due out. Also, UK construction PMI for Jul. and US personal income & spending for Jun. • Wednesday: US ADP employment report for Jul. and New Zealand’s unemployment rate for Q2. • Thursday: BoE policy meeting. Expectations for a rate cut are very high. The Bank could also restart its QE program. GBP may come under renewed selling interest. • Friday: US employment report for Jul. NFP is exp. 180k vs 287k prev. Unemployment rate is exp. unchanged and avg. hourly earnings to accelerate. Net-net, these point to a solid report that could support USD. Also, Canada’s unemployment rate for Jul.
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Soft US GDP reduces bets of a near-term Fed hike
• The 1st estimate of US GDP for Q2 came in much below expectations. USD weakened and the market probability for a hike this year declined.
• Solid data for Q3 are needed in order to bring forward market expectations for a near-term hike.
Today is a PMI day:
• France, Germany & Eurozone: Final manufacturing PMIs for Jul. Usually not market movers.
• UK: Final manufacturing PMI for Jul. is exp. to confirm its prel. estimate.
• US: ISM manufacturing PMI for Jul. is exp. to decline somewhat. Could prove USD-negative.
This week:
• Tuesday: RBA policy meeting. We exp. the Bank to cut rates, which could hurt AUD. Japan’s gov. will announce the details of its fiscal stimulus package. New Zealand’s 2-year inflation expectations are due out. Also, UK construction PMI for Jul. and US personal income & spending for Jun.
• Wednesday: US ADP employment report for Jul. and New Zealand’s unemployment rate for Q2.
• Thursday: BoE policy meeting. Expectations for a rate cut are very high. The Bank could also restart its QE program. GBP may come under renewed selling interest.
• Friday: US employment report for Jul. NFP is exp. 180k vs 287k prev. Unemployment rate is exp. unchanged and avg. hourly earnings to accelerate. Net-net, these point to a solid report that could support USD. Also, Canada’s unemployment rate for Jul.
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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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