IronFX Daily Commentary by Charalambos Pissouros | 05/08/2016
August 5, 2016 8:40 amVideo
Latest News
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BoE unveils stimulus package, more easing to follow
• The BoE cut the Bank Rate by 25bps and expanded its QE program by GBP 70 bn.
• The officials suggested that more easing is likely to follow by the end of the year.
• GBP plunged on the news as the package exceeded market expectations.
• Given the easing bias, we believe the near-term outlook for GBP remains negative.
• Further ahead, a combination of slowing investment inflows and weaker GDP growth could continue to weigh on the pound.
Today is NFP day!
• NFP is exp. 180k from 287k prev. Unemployment rate is exp. to decline and avg. hourly earnings are exp. to accelerate in monthly terms.
• The forecasts point to a solid report overall, which could reverse some of USD’s recent losses.
As for the rest of today’s indicators:
• Canada: Jobs report for July. The unemp. rate is exp. to rise and the net change in employment is forecast to turn positive. The rise in the unemp. rate may be due to a rebound in the labor force participation rate, which could be CAD-positive.
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