IronFX Daily Commentary by Charalambos Pissouros | 06/07/2016
July 6, 2016 8:24 am
Cable sinks to a fresh 31-year low • GBP carnage resumed yesterday and rolled into the Asian session as well. • The plunge may have been fuelled by Carney saying that Brexit risks have started to “crystallize”. • This risk-off environment could continue in the near-term. GBP, commodity currencies and stocks down, JPY & gold higher.
Riksbank to hold its fire, strengthen easing bias • The Riksbank is exp. to stand pat, despite the market uncertainty following “Brexit”. • The weak SEK after the “Brexit” referendum may lead officials to be patient for now. • We exp. officials to strengthen their easing bias, which may soften SEK further.
Today: • Germany: Factory orders for May are exp. to have risen. • US: June FOMC policy meeting minutes. Reaction in USD may depend on how officials saw US mon. policy being affected by “Brexit”. Also, trade balance for May and ISM non-manufacturing PMI for Jun. • Speakers: NY Fed President William Dudley and Fed Board Gov. Daniel Tarullo.
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Cable sinks to a fresh 31-year low
• GBP carnage resumed yesterday and rolled into the Asian session as well.
• The plunge may have been fuelled by Carney saying that Brexit risks have started to “crystallize”.
• This risk-off environment could continue in the near-term. GBP, commodity currencies and stocks down, JPY & gold higher.
Riksbank to hold its fire, strengthen easing bias
• The Riksbank is exp. to stand pat, despite the market uncertainty following “Brexit”.
• The weak SEK after the “Brexit” referendum may lead officials to be patient for now.
• We exp. officials to strengthen their easing bias, which may soften SEK further.
Today:
• Germany: Factory orders for May are exp. to have risen.
• US: June FOMC policy meeting minutes. Reaction in USD may depend on how officials saw US mon. policy being affected by “Brexit”. Also, trade balance for May and ISM non-manufacturing PMI for Jun.
• Speakers: NY Fed President William Dudley and Fed Board Gov. Daniel Tarullo.
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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