IronFX Daily Commentary by Charalambos Pissouros | 07/12/2016
December 7, 2016 9:34 am
The central bank torch is passed to the Bank of Canada • Exp. to remain on hold. • Since the last meeting, data came out mixed. Suggest a dovish statement today, if viewed in isolation. • However, the OPEC agreement alongside the surge in oil prices make us believe that the Bank may maintain a neutral stance. • Some optimism in the statement may add fuel to CAD’s recent strength.
Overnight: Australia sees its largest contraction since 2008 • GDP came at -0.5% qoq vs +0.3% qoq exp. (prior: +0.5% qoq) • Threat for a recession and for the country’s triple-A rating. • Raises some speculation that the RBA may consider taking action in upcoming meetings. • AUD tumbled on the release; and could continue trading lower.
As for the rest of today’s events: • Germany: Industrial production for October. Exp. to rebound. Add to evidence that Eurozone’s growth engine is gaining steam. • UK: Industrial production for October. PMI slid, so risks are tilted to the downside. We would treat any possible slide in the pound as a corrective phase.
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
The central bank torch is passed to the Bank of Canada
• Exp. to remain on hold.
• Since the last meeting, data came out mixed. Suggest a dovish statement today, if viewed in isolation.
• However, the OPEC agreement alongside the surge in oil prices make us believe that the Bank may maintain a neutral stance.
• Some optimism in the statement may add fuel to CAD’s recent strength.
Overnight: Australia sees its largest contraction since 2008
• GDP came at -0.5% qoq vs +0.3% qoq exp. (prior: +0.5% qoq)
• Threat for a recession and for the country’s triple-A rating.
• Raises some speculation that the RBA may consider taking action in upcoming meetings.
• AUD tumbled on the release; and could continue trading lower.
As for the rest of today’s events:
• Germany: Industrial production for October. Exp. to rebound. Add to evidence that Eurozone’s growth engine is gaining steam.
• UK: Industrial production for October. PMI slid, so risks are tilted to the downside. We would treat any possible slide in the pound as a corrective phase.
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
Related Posts: