IronFX Daily Commentary by Charalambos Pissouros | 08/08/2016
August 8, 2016 9:21 amVideo
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Stellar US jobs report for July boosts the dollar
• The US employment report for July was particularly strong. NFP rose 255k vs 180k exp.
• Average hourly earnings accelerated. The unemployment rate remained unchanged while the labor force participation rate rose.
• USD strengthened immediately. We maintain our call that both September and December are realistic candidates for a Fed hike, but much will depend on incoming data.
• More solid data (and perhaps hawkish comments by FOMC officials) could lead investors to re-price Fed hikes further and thereby boost USD.
Today: No major events or indicators.
This week:
• Tuesday: China’s CPI & PPI, both for Jul. Also, UK industrial output for Jun. but as these are pre-referendum data, they may attract less attention than usual.
• Wednesday: No major events or indicators.
• Thursday: RBNZ policy meeting. Bank is widely exp. to cut rates. We exp. the officials to introduce a clear easing bias as well, which could bring NZD under renewed selling interest. Also, China’s retail sales, industrial production and fixed asset investment, all for Jul. All are expected to slow, which could raise bets for a rate cut by the PBoC in the foreseeable future.
• Friday: Eurozone’s prel. GDP for Q2 and US retail sales for Jul.
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