IronFX Daily Commentary by Charalambos Pissouros | 08/12/2016
December 8, 2016 9:22 am
The ECB takes its turn • Given the recent optimistic Eurozone data, we do not expect any new measures. • We expect the Bank to extend QE, and perhaps tweak some parameters of the program. • Market expectations are along those lines as well; so if met, attention may quickly turn to future policy path hints. • Focus on questions on QE tapering; We believe that it is too early for this and we expect Draghi to confirm it. • EUR may strengthen if expectations are met; but limited rebound if Draghi downplays tapering.
Bank of Canada remains on hold and maintains its neutral bias • The Bank acknowledged the points of improvement in the economy. However, each point has a “but”. • No reference to the OPEC meeting outcome and the latest surge in oil prices. • We believe that the Bank may remain sidelined in coming months. • CAD to remain sensitive in oil price swings.
As for the rest of today’s events: • US: initial jobless claims for the week ended on Dec 1. Exp. 258k from 268k. (4-wk m.a. 252k from 253k) • Speakers: Besides Draghi, Bank of Canada Governor Poloz and German Finance Minister Wolfgang Schaeuble.
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The ECB takes its turn
• Given the recent optimistic Eurozone data, we do not expect any new measures.
• We expect the Bank to extend QE, and perhaps tweak some parameters of the program.
• Market expectations are along those lines as well; so if met, attention may quickly turn to future policy path hints.
• Focus on questions on QE tapering; We believe that it is too early for this and we expect Draghi to confirm it.
• EUR may strengthen if expectations are met; but limited rebound if Draghi downplays tapering.
Bank of Canada remains on hold and maintains its neutral bias
• The Bank acknowledged the points of improvement in the economy. However, each point has a “but”.
• No reference to the OPEC meeting outcome and the latest surge in oil prices.
• We believe that the Bank may remain sidelined in coming months.
• CAD to remain sensitive in oil price swings.
As for the rest of today’s events:
• US: initial jobless claims for the week ended on Dec 1. Exp. 258k from 268k. (4-wk m.a. 252k from 253k)
• Speakers: Besides Draghi, Bank of Canada Governor Poloz and German Finance Minister Wolfgang Schaeuble.
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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