IronFX Daily Commentary by Charalambos Pissouros | 05/09/2016
September 5, 2016 9:02 am
US NFP misses estimates but USD bulls remain in charge • Nonfarm payrolls came 151k in August, missing the forecast of 180k. • Avg. hourly earnings slowed by more than exp., while the unempl. rate remained unchanged. • USD weakened initially but recovered in the following hours as the report was not soft enough to take a Sept. hike off the table. • Focus now turns to speeches by Fed officials and the remaining data before the Sept. meeting.
Today: • UK: Services PMI for Aug. is exp. to increase, which could extend the pound’s recent gains.
This week: • Tuesday: RBA rate decision. The Bank is exp. to stand pat. Any signals that it may remain on hold for some time could support AUD somewhat. • Wednesday: BoC & Riksbank policy meetings. BoC is exp. to remain on hold, but officials may switch to a more dovish tone, which could hurt CAD. The Riksbank is also likely to stand pat, but the statement language may be more optimistic, which could support SEK a bit. In Australia, GDP for Q2 is due out. In the UK, BoE Governor Carney testifies before Parliament. • Thursday: ECB policy meeting. Officials are likely to take the sidelines. Reaction in EUR will depend on Draghi’s comments and the magnitude of any revisions to the economic forecasts. • Friday: Norway’s CPI and Canada’s unemployment rate, both for Aug.
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US NFP misses estimates but USD bulls remain in charge
• Nonfarm payrolls came 151k in August, missing the forecast of 180k.
• Avg. hourly earnings slowed by more than exp., while the unempl. rate remained unchanged.
• USD weakened initially but recovered in the following hours as the report was not soft enough to take a Sept. hike off the table.
• Focus now turns to speeches by Fed officials and the remaining data before the Sept. meeting.
Today:
• UK: Services PMI for Aug. is exp. to increase, which could extend the pound’s recent gains.
This week:
• Tuesday: RBA rate decision. The Bank is exp. to stand pat. Any signals that it may remain on hold for some time could support AUD somewhat.
• Wednesday: BoC & Riksbank policy meetings. BoC is exp. to remain on hold, but officials may switch to a more dovish tone, which could hurt CAD. The Riksbank is also likely to stand pat, but the statement language may be more optimistic, which could support SEK a bit. In Australia, GDP for Q2 is due out. In the UK, BoE Governor Carney testifies before Parliament.
• Thursday: ECB policy meeting. Officials are likely to take the sidelines. Reaction in EUR will depend on Draghi’s comments and the magnitude of any revisions to the economic forecasts.
• Friday: Norway’s CPI and Canada’s unemployment rate, both for Aug.
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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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