IronFX Daily Commentary by Charalambos Pissouros | 03/05/2016
May 3, 2016 8:34 am
Main points for Today
RBA cut rates: What now? • RBA cut rates by 25bps against economists’ expectations of staying on hold. (market was right, economists were wrong) • Officials judged prospects for growth would be improved by easing at this meeting. • No signs for further easing though, this could be their final move. AUD under selling pressure, at least temporary.
China’s Caixin PMI shrank for the 14th straight month • Caixin manufacturing PMI fell to 49.4 from 49.7 (exp. 49.9). • The rate of decline however has eased recently, raising hopes that China shows signs of stabilizing. This is important, as it could keep the financial markets calm.
Today: • UK: Manuf. PMI for April exp. to rise a bit. Could be an excuse for GBP-bulls to add to their positions. • Eurozone: PPI for March is coming out. Not a major market mover. • Sweden: Industrial production for March to accelerate. SEK-positive. • Speakers: San Fran. Fed President John Williams, BoC Governor Stephen Poloz, ECB Board Member Benoit Coeure, Atlanta Fed President Dennis Lockhart, and Cleveland Fed President Loretta Mester.
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Main points for Today
RBA cut rates: What now?
• RBA cut rates by 25bps against economists’ expectations of staying on hold. (market was right, economists were wrong)
• Officials judged prospects for growth would be improved by easing at this meeting.
• No signs for further easing though, this could be their final move. AUD under selling pressure, at least temporary.
China’s Caixin PMI shrank for the 14th straight month
• Caixin manufacturing PMI fell to 49.4 from 49.7 (exp. 49.9).
• The rate of decline however has eased recently, raising hopes that China shows signs of stabilizing. This is important, as it could keep the financial markets calm.
Today:
• UK: Manuf. PMI for April exp. to rise a bit. Could be an excuse for GBP-bulls to add to their positions.
• Eurozone: PPI for March is coming out. Not a major market mover.
• Sweden: Industrial production for March to accelerate. SEK-positive.
• Speakers: San Fran. Fed President John Williams, BoC Governor Stephen Poloz, ECB Board Member Benoit Coeure, Atlanta Fed President Dennis Lockhart, and Cleveland Fed President Loretta Mester.
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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