IronFX Daily Commentary by Charalambos Pissouros | 03/01/2017
January 3, 2017 9:25 am
Dollar begins the year on a strong footing • USD outperformed most of its counterparts on Monday. • January is the best month on the calendar for USD; Average 1.00% gains the past 30 years. • This combined with rising US treasury yields fueled by expectations of higher inflation and thereby faster Fed hikes could keep the dollar supported.
Overnight: • China’s Caixin PMI was revised up. AUD traded higher on the news. • However, we remain bearish on AUD. Further devaluation of the yuan may hurt Australian exports to China, and thereby resume selling pressure on AUD.
Today: • UK: Manufacturing PMI for Dec. Exp. to decline. GBP-negative. • Germany: Prel. CPI for Dec. Exp. to accelerate notably. Eurozone’s print may follow suit. • US: ISM manuf. index. Expected to rise somewhat.
As for the rest of the week: • Wed: Eurozone prel. CPI exp to accelerate. UK construction PMI. US ADP report ahead of Friday’s NFP. FOMC Dec. minutes; focus on fiscal stimulus discussions. • Thur: UK services PMI exp to decline. • Frid: US employment report; Exp. for another solid report. Canada’s employment report.
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Dollar begins the year on a strong footing
• USD outperformed most of its counterparts on Monday.
• January is the best month on the calendar for USD; Average 1.00% gains the past 30 years.
• This combined with rising US treasury yields fueled by expectations of higher inflation and thereby faster Fed hikes could keep the dollar supported.
Overnight:
• China’s Caixin PMI was revised up. AUD traded higher on the news.
• However, we remain bearish on AUD. Further devaluation of the yuan may hurt Australian exports to China, and thereby resume selling pressure on AUD.
Today:
• UK: Manufacturing PMI for Dec. Exp. to decline. GBP-negative.
• Germany: Prel. CPI for Dec. Exp. to accelerate notably. Eurozone’s print may follow suit.
• US: ISM manuf. index. Expected to rise somewhat.
As for the rest of the week:
• Wed: Eurozone prel. CPI exp to accelerate. UK construction PMI. US ADP report ahead of Friday’s NFP. FOMC Dec. minutes; focus on fiscal stimulus discussions.
• Thur: UK services PMI exp to decline.
• Frid: US employment report; Exp. for another solid report. Canada’s employment report.
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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