IronFX Daily Commentary by Charalambos Pissouros | 07/09/2016
September 7, 2016 8:49 am
US ISM non-manufacturing PMI collapses • US ISM non-manuf. PMI collapsed to 51.4 in Aug., from 55.5 prev. (exp. 55.0). • USD plunged, as this pushed back investors’ expectations for the next hike.
BoC is likely to hold its fire, but may shift to a dovish tone • The BoC is exp. to stand pat. Given the latest deterioration in Canadian data, we see the likelihood for a slightly dovish shift in language. • Any hints that continued softness in the data could lead to a rate cut, may hurt CAD.
Riksbank to take the sidelines • The Riksbank is also exp. to remain on hold. An optimistic tone may support SEK.
Today: • UK: IP for Jul. is exp. to decline, which could hurt GBP, at least temporarily. • Canada: Ivey PMI for Aug., but the focus will be on the BoC decision. • US: JOLTS job openings for Jul. • Speakers: BoE Governor Mark Carney testifies to parliament. Any comments on further easing this year may determine GBP’s forthcoming direction.
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US ISM non-manufacturing PMI collapses
• US ISM non-manuf. PMI collapsed to 51.4 in Aug., from 55.5 prev. (exp. 55.0).
• USD plunged, as this pushed back investors’ expectations for the next hike.
BoC is likely to hold its fire, but may shift to a dovish tone
• The BoC is exp. to stand pat. Given the latest deterioration in Canadian data, we see the likelihood for a slightly dovish shift in language.
• Any hints that continued softness in the data could lead to a rate cut, may hurt CAD.
Riksbank to take the sidelines
• The Riksbank is also exp. to remain on hold. An optimistic tone may support SEK.
Today:
• UK: IP for Jul. is exp. to decline, which could hurt GBP, at least temporarily.
• Canada: Ivey PMI for Aug., but the focus will be on the BoC decision.
• US: JOLTS job openings for Jul.
• Speakers: BoE Governor Mark Carney testifies to parliament. Any comments on further easing this year may determine GBP’s forthcoming direction.
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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