IronFX Daily Commentary by Charalambos Pissouros | 05/01/2017
January 5, 2017 9:23 am
FOMC minutes: High uncertainty around the fiscal package • The Fed’s Dec. minutes showed high uncertainty with regards to the economic outlook. • This was mostly linked to the possibility for a future fiscal package, and the lack of details regarding its timing, size and composition. • Importantly, the FOMC also noted that a strong USD could hold down inflation. • Reaction in the dollar was volatile. Weakened initially, perhaps due to USD remarks, but recovered to trade even higher in the following minutes. • Nothing much has changed. The Fed and investors are still awaiting details on Trump’s fiscal plans.
Today’s highlights: • UK: Services PMI for Dec. is exp. to decline. We see upside risks to the forecast. A positive surprise could prove positive for GBP. • US: ADP employment report. Exp. 170k vs 216k prior. Despite the decline, could still raise speculation for a decent NFP print on Friday. Also, ISM non-manufacturing PMI for Dec. is exp. to decline, which could hurt USD a bit, at least at the release. • Speakers: BoE chief economist Andy Haldane.
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FOMC minutes: High uncertainty around the fiscal package
• The Fed’s Dec. minutes showed high uncertainty with regards to the economic outlook.
• This was mostly linked to the possibility for a future fiscal package, and the lack of details regarding its timing, size and composition.
• Importantly, the FOMC also noted that a strong USD could hold down inflation.
• Reaction in the dollar was volatile. Weakened initially, perhaps due to USD remarks, but recovered to trade even higher in the following minutes.
• Nothing much has changed. The Fed and investors are still awaiting details on Trump’s fiscal plans.
Today’s highlights:
• UK: Services PMI for Dec. is exp. to decline. We see upside risks to the forecast. A positive surprise could prove positive for GBP.
• US: ADP employment report. Exp. 170k vs 216k prior. Despite the decline, could still raise speculation for a decent NFP print on Friday. Also, ISM non-manufacturing PMI for Dec. is exp. to decline, which could hurt USD a bit, at least at the release.
• Speakers: BoE chief economist Andy Haldane.
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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