IronFX Daily Commentary by Charalambos Pissouros | 08/05/2017
May 8, 2017 9:13 am
Macron becomes the new President of France • Macron won by 66% to Le Pen’s 34%. EUR opened with a small positive gap. • But quickly gave back its gains to trade even lower in the following hours. • Despite the pullback, we think EUR’s short-term path is higher. • With political risks dissipating, focus could shift back to the prospect of a more optimistic ECB.
US jobs report: Soft wage growth weighs on the dollar • NFP rose 211k in April, higher than the forecast of 185k. The unemployment rate unexpectedly declined, against expectations for an uptick. • The soft part was average hourly earnings. The yearly rate declined to +2.5% from +2.7%. • USD weakened a bit in the aftermath. However, the probability for a June hike rose further (83%). • Focus for USD traders now turns to Friday’s retail sales and CPI data.
Today: • Speakers: St. Louis Fed president James Bullard. • As for the rest of the week: • Wed: China’s CPI & PPI data for April. • Thu: RBNZ & BoE policy meetings. Both are likely to stand pat. We expect a slightly more upbeat tone from the RBNZ, but a somewhat more concerned tone from the BoE. • Fri: US CPI and retail sales data, both for April.
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Macron becomes the new President of France
• Macron won by 66% to Le Pen’s 34%. EUR opened with a small positive gap.
• But quickly gave back its gains to trade even lower in the following hours.
• Despite the pullback, we think EUR’s short-term path is higher.
• With political risks dissipating, focus could shift back to the prospect of a more optimistic ECB.
US jobs report: Soft wage growth weighs on the dollar
• NFP rose 211k in April, higher than the forecast of 185k. The unemployment rate unexpectedly declined, against expectations for an uptick.
• The soft part was average hourly earnings. The yearly rate declined to +2.5% from +2.7%.
• USD weakened a bit in the aftermath. However, the probability for a June hike rose further (83%).
• Focus for USD traders now turns to Friday’s retail sales and CPI data.
Today:
• Speakers: St. Louis Fed president James Bullard.
• As for the rest of the week:
• Wed: China’s CPI & PPI data for April.
• Thu: RBNZ & BoE policy meetings. Both are likely to stand pat. We expect a slightly more upbeat tone from the RBNZ, but a somewhat more concerned tone from the BoE.
• Fri: US CPI and retail sales data, both for April.
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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