IronFX Daily Commentary by Charalambos Pissouros | 09/01/2017
January 9, 2017 9:32 am
Dollar rebounds on solid US employment data • NFP came 156k in Dec. below the forecast of 178k (but November’s figure was revised up!). • The unempl. rate rose as expected, while avg. hourly earnings beat their estimate. • Overall solid data (the Fed closely monitors earnings). USD strengthened as a result. • The short-term direction of USD may be decided on Wed., when Trump holds a press conference.
Theresa May delivers another round of “hard Brexit” rhetoric • The UK PM said that regaining control of immigration and lawmaking are her main priorities, implying these are more important than access to the EU market. • Sterling opened with a negative gap. These signals could keep GBP under pressure in coming days. • But sterling’s short-term direction may be decided by the Supr. Court decision, exp. later this month.
Today: • Eurozone: Unempl. rate for Nov. but usually not a major market mover.
As for the rest of the week: • Tue: China’s CPI & PPI, both for Dec. We also get Norway’s CPI data for Dec. • Wed: In the US, Donald Trump will hold his first press conference as President-elect. Investors will be watching for any details on his policies. If he mentions any, we could see sharp moves in USD. • Thur: Fed Chair Yellen speaks to teachers. Given the nature of the event, it seems unlikely that she offers any fresh comments on mon. policy. Also, Sweden’s CPI for Dec. • Frid: US retail sales for Dec. are exp. to have risen. Also, China’s trade data for Dec.
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Dollar rebounds on solid US employment data
• NFP came 156k in Dec. below the forecast of 178k (but November’s figure was revised up!).
• The unempl. rate rose as expected, while avg. hourly earnings beat their estimate.
• Overall solid data (the Fed closely monitors earnings). USD strengthened as a result.
• The short-term direction of USD may be decided on Wed., when Trump holds a press conference.
Theresa May delivers another round of “hard Brexit” rhetoric
• The UK PM said that regaining control of immigration and lawmaking are her main priorities, implying these are more important than access to the EU market.
• Sterling opened with a negative gap. These signals could keep GBP under pressure in coming days.
• But sterling’s short-term direction may be decided by the Supr. Court decision, exp. later this month.
Today:
• Eurozone: Unempl. rate for Nov. but usually not a major market mover.
As for the rest of the week:
• Tue: China’s CPI & PPI, both for Dec. We also get Norway’s CPI data for Dec.
• Wed: In the US, Donald Trump will hold his first press conference as President-elect. Investors will be watching for any details on his policies. If he mentions any, we could see sharp moves in USD.
• Thur: Fed Chair Yellen speaks to teachers. Given the nature of the event, it seems unlikely that she offers any fresh comments on mon. policy. Also, Sweden’s CPI for Dec.
• Frid: US retail sales for Dec. are exp. to have risen. Also, China’s trade data for Dec.
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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