IronFX Daily Commentary by Charalambos Pissouros | 07/03/2016
March 7, 2016 9:59 am
China lowers growth target • China announced a 6.5%-7% growth range, down from a target of “around” 7% last year. • China will allow bigger deficits and may do further easing to halt the slowdown.
US job growth surges but wages fall • NFP surged by 242k in February, but average hourly earnings fell 0.1% on a monthly basis. • Net-net a strong report, which raises the odds for more-than-one Fed rate hikes this year.
Today: • Germany: Factory orders for Jan. • Norway: Manufacturing production for Jan. • Speakers: Fed Vice-Chair Stanley Fischer and Fed Board Governor Lael Brainard.
This week: • Tuesday: China’s trade surplus for Feb. is exp. to have narrowed. Final Eurozone GDP for Q4. • Wednesday: BoC policy meeting. We exp. the Bank to remain on hold. RBNZ is also exp. to remain on hold, but we believe the Bank is likely to cut its policy rate. UK industrial output for Jan. • Thursday: ECB policy meeting. We exp. the Bank to cut its deposit rate and extend the duration of QE. However, if the Bank under-delivers again, we could see EUR to strengthen. China’s CPI & PPI for Feb. are both exp. to improve. This could support AUD and NZD. • Friday: Canada’s unemployment rate for Feb. is exp. to remain unchanged.
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China lowers growth target
• China announced a 6.5%-7% growth range, down from a target of “around” 7% last year.
• China will allow bigger deficits and may do further easing to halt the slowdown.
US job growth surges but wages fall
• NFP surged by 242k in February, but average hourly earnings fell 0.1% on a monthly basis.
• Net-net a strong report, which raises the odds for more-than-one Fed rate hikes this year.
Today:
• Germany: Factory orders for Jan.
• Norway: Manufacturing production for Jan.
• Speakers: Fed Vice-Chair Stanley Fischer and Fed Board Governor Lael Brainard.
This week:
• Tuesday: China’s trade surplus for Feb. is exp. to have narrowed. Final Eurozone GDP for Q4.
• Wednesday: BoC policy meeting. We exp. the Bank to remain on hold. RBNZ is also exp. to remain on hold, but we believe the Bank is likely to cut its policy rate. UK industrial output for Jan.
• Thursday: ECB policy meeting. We exp. the Bank to cut its deposit rate and extend the duration of QE. However, if the Bank under-delivers again, we could see EUR to strengthen. China’s CPI & PPI for Feb. are both exp. to improve. This could support AUD and NZD.
• Friday: Canada’s unemployment rate for Feb. is exp. to remain unchanged.
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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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