IronFX Daily Commentary by Charalambos Pissouros | 07/04/2016
April 7, 2016 9:11 am
Fed minutes: FOMC divided, cautious on rate hikes • March minutes showed division among the FOMC, with some officials calling for an April hike given the strength of US data. • Others felt that an April hike may signal an inappropriate sense of urgency. • Heightened risks from abroad the primary reason for being cautious. • Little new information was provided, so the reaction in USD was limited. • Global stability and strong data are needed to raise speculation of a near-term rate hike and support USD.
Today: • Norway: Manuf. output for Feb. is exp. to fall. Could prove NOK-negative. • Eurozone: ECB March policy meeting minutes. Usually not a major market mover, but given the aggressive easing in March it may attract some attention. • US: Initial jobless claims for week ended Apr. 1st are exp. to decline. • Canada: Building permits for Feb. are exp. to rise. • Speakers: ECB President Mario Draghi, Fed Chair Janet Yellen and Norges Bank Governor Oystein Olsen.
Fed minutes: FOMC divided, cautious on rate hikes
• March minutes showed division among the FOMC, with some officials calling for an April hike given the strength of US data.
• Others felt that an April hike may signal an inappropriate sense of urgency.
• Heightened risks from abroad the primary reason for being cautious.
• Little new information was provided, so the reaction in USD was limited.
• Global stability and strong data are needed to raise speculation of a near-term rate hike and support USD.
Today:
• Norway: Manuf. output for Feb. is exp. to fall. Could prove NOK-negative.
• Eurozone: ECB March policy meeting minutes. Usually not a major market mover, but given the aggressive easing in March it may attract some attention.
• US: Initial jobless claims for week ended Apr. 1st are exp. to decline.
• Canada: Building permits for Feb. are exp. to rise.
• Speakers: ECB President Mario Draghi, Fed Chair Janet Yellen and Norges Bank Governor Oystein Olsen.
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