IronFX Daily Commentary by Charalambos Pissouros | 08/09/2016
September 8, 2016 8:39 am
ECB to stand pat, all eyes on Draghi’s press conference • The ECB is not exp. to introduce new stimulus measures today, but it could extend the duration of its QE program. • Focus may be on Draghi’s press conference and the updated economic forecasts. • We exp. downward revisions to GDP projections and Draghi to sound a bit dovish. • Even though these suggest a somewhat weaker EUR today, we don’t expect any such reaction to be huge.
Bank of Canada shifts to a more dovish tone • The BoC remained on hold and as we expected, the meeting statement had a dovish tilt. • CAD came under selling interest, but recovered some of its losses overnight, supported by a jump in oil prices (due to inventory data). • Next major risk event for CAD traders is on Friday: employment data for Aug.
Today’s indicators: • Canada: Building permits for Jul. and capacity utilization for Q2. • US: Initial jobless claims for week ended Sep. 2nd.
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ECB to stand pat, all eyes on Draghi’s press conference
• The ECB is not exp. to introduce new stimulus measures today, but it could extend the duration of its QE program.
• Focus may be on Draghi’s press conference and the updated economic forecasts.
• We exp. downward revisions to GDP projections and Draghi to sound a bit dovish.
• Even though these suggest a somewhat weaker EUR today, we don’t expect any such reaction to be huge.
Bank of Canada shifts to a more dovish tone
• The BoC remained on hold and as we expected, the meeting statement had a dovish tilt.
• CAD came under selling interest, but recovered some of its losses overnight, supported by a jump in oil prices (due to inventory data).
• Next major risk event for CAD traders is on Friday: employment data for Aug.
Today’s indicators:
• Canada: Building permits for Jul. and capacity utilization for Q2.
• US: Initial jobless claims for week ended Sep. 2nd.
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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