IronFX Daily Commentary by Charalambos Pissouros | 06/05/2016
May 6, 2016 8:39 am
Highlight of the day: US jobs report for April • Nonfarm payrolls exp. 202k vs prev. 215k, unemployment rate unchanged at 5.0% and average hourly earnings also unchanged at +0.3% mom. • Initial reaction on USD is usually on the NFP figure, then the focus shifts on earnings. • Given the disappointing ADP report, we see downside risks to the NFP figure. • A potential miss in the NFP number could reverse some of USD’s recent gains.
Overnight: RBA brings further rate cuts back into light • AUD came under renewed selling pressure after the RBA revised down its inflation forecasts. • Bank also reinstituted its easing bias (it was removed from the latest statement). • AUD may remain under selling interest in the near-term because of these.
Today: • Canada: Unemployment rate for Apr. is exp. to rise a bit. However, we see a high likelihood for the rate to stay unchanged, which could support CAD at the release. Also, Ivey PMI for Apr. is exp. to rise a bit.
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Highlight of the day: US jobs report for April
• Nonfarm payrolls exp. 202k vs prev. 215k, unemployment rate unchanged at 5.0% and average hourly earnings also unchanged at +0.3% mom.
• Initial reaction on USD is usually on the NFP figure, then the focus shifts on earnings.
• Given the disappointing ADP report, we see downside risks to the NFP figure.
• A potential miss in the NFP number could reverse some of USD’s recent gains.
Overnight: RBA brings further rate cuts back into light
• AUD came under renewed selling pressure after the RBA revised down its inflation forecasts.
• Bank also reinstituted its easing bias (it was removed from the latest statement).
• AUD may remain under selling interest in the near-term because of these.
Today:
• Canada: Unemployment rate for Apr. is exp. to rise a bit. However, we see a high likelihood for the rate to stay unchanged, which could support CAD at the release. Also, Ivey PMI for Apr. is exp. to rise a bit.
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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