IronFX Daily Commentary by Charalambos Pissouros | 04/01/2017
January 4, 2017 9:12 am
FOMC December minutes take centre stage • At its last meeting for 2016, Fed hiked rates, upgraded “dot plot”, delivered an upbeat tone. • Yellen said that only few members considered fiscal measures; could we see further upgrades in the rate path projections when all members take them into account? • We will look for more details on fiscal stimulus discussion and how can this affect Fed’s future policy. We will also search for additional clues with regards to the rationale behind the upgraded rate path.
As for the rest of today’s events: • Eurozone: Prel. CPI data for Dec. Headline to accelerate, core rate to remain unchanged. Following the higher than expected German inflation rate, we see the risks as tilted to the upside = EUR-positive. Eurozone final Dec. service-sector and composite PMIs; Usually not market movers. • UK: Construction PMI for Dec. Following the increase in the manuf. Index, we see possibility for higher than expected print. GBP-positive. • US: ADP employment report for Dec. Exp 170k vs 216k prior. Despite the decline, could still raise speculation for a decent NFP print on Friday. • Speakers: Norges Bank Deputy Governor Egil Matsen.
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FOMC December minutes take centre stage
• At its last meeting for 2016, Fed hiked rates, upgraded “dot plot”, delivered an upbeat tone.
• Yellen said that only few members considered fiscal measures; could we see further upgrades in the rate path projections when all members take them into account?
• We will look for more details on fiscal stimulus discussion and how can this affect Fed’s future policy. We will also search for additional clues with regards to the rationale behind the upgraded rate path.
As for the rest of today’s events:
• Eurozone: Prel. CPI data for Dec. Headline to accelerate, core rate to remain unchanged. Following the higher than expected German inflation rate, we see the risks as tilted to the upside = EUR-positive. Eurozone final Dec. service-sector and composite PMIs; Usually not market movers.
• UK: Construction PMI for Dec. Following the increase in the manuf. Index, we see possibility for higher than expected print. GBP-positive.
• US: ADP employment report for Dec. Exp 170k vs 216k prior. Despite the decline, could still raise speculation for a decent NFP print on Friday.
• Speakers: Norges Bank Deputy Governor Egil Matsen.
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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