IronFX Daily Commentary by Charalambos Pissouros | 06/06/2016
June 6, 2016 9:07 am
Soft US jobs data cast doubts on summer hikes • NFP came at a mere 38k from 123k previously, missing expectations of a 164k rise. • USD collapsed on the news and continued even lower in the following hours. • This erased any expectations for a June hike. A further decline of the July hike probability, could keep USD under selling interest. • Focus turns to Chair Yellen’s speech today, and how the poor report could alter her latest comments.
Today: • Germany: Factory orders for Apr. are exp. to decline. Usually not a major market mover. • Speakers: Fed Chair Yellen, ECB Vice President Vitor Constancio.
This week: • Tuesday: RBA rate decision. Bank is exp. to remain on hold. We exp. a dovish bias in the statement, which could weaken AUD. • Wednesday: China’s trade data for May. Both exports and imports exp. to fall again. • Thursday: RBNZ policy meeting. Officials are exp. to remain on hold. Given that there are some expectations for a rate cut, NZD could gain. Also, China’s CPI and PPI for May. • Friday: Canada’s unemployment rate for May is exp. to remain unchanged, but we see some upside risks, perhaps for an increase. If so, this could weaken CAD.
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Soft US jobs data cast doubts on summer hikes
• NFP came at a mere 38k from 123k previously, missing expectations of a 164k rise.
• USD collapsed on the news and continued even lower in the following hours.
• This erased any expectations for a June hike. A further decline of the July hike probability, could keep USD under selling interest.
• Focus turns to Chair Yellen’s speech today, and how the poor report could alter her latest comments.
Today:
• Germany: Factory orders for Apr. are exp. to decline. Usually not a major market mover.
• Speakers: Fed Chair Yellen, ECB Vice President Vitor Constancio.
This week:
• Tuesday: RBA rate decision. Bank is exp. to remain on hold. We exp. a dovish bias in the statement, which could weaken AUD.
• Wednesday: China’s trade data for May. Both exports and imports exp. to fall again.
• Thursday: RBNZ policy meeting. Officials are exp. to remain on hold. Given that there are some expectations for a rate cut, NZD could gain. Also, China’s CPI and PPI for May.
• Friday: Canada’s unemployment rate for May is exp. to remain unchanged, but we see some upside risks, perhaps for an increase. If so, this could weaken CAD.
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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