IronFX Daily Commentary by Charalambos Pissouros | 04/05/2017
May 4, 2017 9:32 am
FOMC remains on hold; views growth slowdown as “transitory” • The Fed kept its policy unchanged. The statement was neutral, and very similar to the prior one. • Most noteworthy point was that it views the slowdown in Q1 GDP growth as transitory. • USD gained on the news, as the prospect of a June hike is firmly on the table. • Now, focus turns to Friday’s employment data, which could determine USD’s near-term direction.
UK local elections to set the tone for the General Election? • These may attract attention as a gauge of whether the polls are right for the General Election. • General election polls show the Conservatives at roughly 46%. If they gather less support than that today, GBP could reverse some of its recent gains. • On the other hand, a strong showing could suggest the polls are correct, and GBP could gain.
As for the rest of today’s highlights: • Norway: Norges Bank decision (08:00 GMT). Expected to remain on hold. Policymakers could retain a dovish tone amid slowing inflation, which could hurt NOK. • UK: Services PMI for April (08:30 GMT) is expected to have declined. We see upside risks to that forecast. In case of a positive surprise, GBP could come under renewed buying interest. • Speakers: ECB President Mario Draghi and Executive Board member Sabine Lautenschlager. Focus will be on Draghi for any hints on whether the ECB may appear more optimistic soon.
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FOMC remains on hold; views growth slowdown as “transitory”
• The Fed kept its policy unchanged. The statement was neutral, and very similar to the prior one.
• Most noteworthy point was that it views the slowdown in Q1 GDP growth as transitory.
• USD gained on the news, as the prospect of a June hike is firmly on the table.
• Now, focus turns to Friday’s employment data, which could determine USD’s near-term direction.
UK local elections to set the tone for the General Election?
• These may attract attention as a gauge of whether the polls are right for the General Election.
• General election polls show the Conservatives at roughly 46%. If they gather less support than that today, GBP could reverse some of its recent gains.
• On the other hand, a strong showing could suggest the polls are correct, and GBP could gain.
As for the rest of today’s highlights:
• Norway: Norges Bank decision (08:00 GMT). Expected to remain on hold. Policymakers could retain a dovish tone amid slowing inflation, which could hurt NOK.
• UK: Services PMI for April (08:30 GMT) is expected to have declined. We see upside risks to that forecast. In case of a positive surprise, GBP could come under renewed buying interest.
• Speakers: ECB President Mario Draghi and Executive Board member Sabine Lautenschlager. Focus will be on Draghi for any hints on whether the ECB may appear more optimistic soon.
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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