IronFX Daily Commentary by Charalambos Pissouros | 05/12/2016
December 5, 2016 10:08 am
• Italy votes “No” and Renzi quits • Italians voted “no” to constitutional reforms by 60% to 40%. • Renzi announced resignation after the battle was lost. President to form a caretaker gov. • Negative for Italy’s stability and economy. Raises questions for Eurozone’s future. • EUR tumbled to hit 1.0500. Italian and other European stock markets to open lower as well. (DAX, Eurostoxx50) • US jobs data keep the door wide open for a December Fed hike • NFP almost in line, Un. rate falls to lowest in seven years, Earnings down; 1st time since 2014. • USD slid perhaps due to earnings; or the market was looking for something better. • Overall, the report keeps the Fed on track to hike at the next meeting. (Fed funds pricing: 93%) • Today: • UK: Services PMI for Nov. is exp. to decline. GBP-negative. • US: ISM non-manufacturing PMI for Nov. is exp. to rise somewhat, which may support USD. • Speakers: BoE Governor Mark Carney and NY Fed President William Dudley. • As for the rest of the week: • Tues: RBA rate decision. The forecast is for the Bank to stand pat. If the officials hint they may remain on hold for some time, it could prove AUD-positive. • Wedn: BoC policy meeting. The Bank is exp. to remain on hold too. We exp. officials to be content with higher oil prices. Optimistic comments could extend the CAD’s recent gains. • Thurs: ECB policy decision. We exp. the officials to extend the duration of the QE program. • Frid: China CPI and PPI, for Nov. We see the case for both of these rates to rise.
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• Italy votes “No” and Renzi quits
• Italians voted “no” to constitutional reforms by 60% to 40%.
• Renzi announced resignation after the battle was lost. President to form a caretaker gov.
• Negative for Italy’s stability and economy. Raises questions for Eurozone’s future.
• EUR tumbled to hit 1.0500. Italian and other European stock markets to open lower as well. (DAX, Eurostoxx50)
• US jobs data keep the door wide open for a December Fed hike
• NFP almost in line, Un. rate falls to lowest in seven years, Earnings down; 1st time since 2014.
• USD slid perhaps due to earnings; or the market was looking for something better.
• Overall, the report keeps the Fed on track to hike at the next meeting. (Fed funds pricing: 93%)
• Today:
• UK: Services PMI for Nov. is exp. to decline. GBP-negative.
• US: ISM non-manufacturing PMI for Nov. is exp. to rise somewhat, which may support USD.
• Speakers: BoE Governor Mark Carney and NY Fed President William Dudley.
• As for the rest of the week:
• Tues: RBA rate decision. The forecast is for the Bank to stand pat. If the officials hint they may remain on hold for some time, it could prove AUD-positive.
• Wedn: BoC policy meeting. The Bank is exp. to remain on hold too. We exp. officials to be content with higher oil prices. Optimistic comments could extend the CAD’s recent gains.
• Thurs: ECB policy decision. We exp. the officials to extend the duration of the QE program.
• Frid: China CPI and PPI, for Nov. We see the case for both of these rates to rise.
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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