IronFX Daily Commentary by Charalambos Pissouros | 10/10/2016
October 10, 2016 8:54 am
US jobs report misses estimates, but doesn’t seem to alter Fed’s plans • US NFP for Sep. came 156k, missing the forecast of 176k. • USD weakened on the news, mainly due to the below-expectations NFP number. • But the probability for a December rate hike actually rose! Fed is still on track for a hike this year. • Upcoming risk events for USD: Sep. FOMC minutes, retail sales for Sep. and a speech by Yellen.
Major OPEC & non-OPEC oil producers meet again • Major OPEC & non OPEC producers meet in Turkey to finalize details of Algeria deal (until Thurs.) • On Sunday, news reports said that Iran & Iraq will not attend these talks, casting doubt on whether any decisions will be taken in Turkey.
Today: • Norway: CPI rate for Sep. is exp. unchanged. The reaction in NOK may be limited.
This week: • Tuesday: Germany’s ZEW survey for Oct. is exp. to show that improving sentiment. • Wednesday: FOMC minutes of Sep. policy meeting. If the minutes show that an increasing number of officials have begun to favor a near-term hike, USD could gain. • Thursday: China’s trade balance for Sep. • Friday: Fed Chair Yellen speaks. Also, US retail sales for Sep. and China’s CPI & PPI data for Sep.
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US jobs report misses estimates, but doesn’t seem to alter Fed’s plans
• US NFP for Sep. came 156k, missing the forecast of 176k.
• USD weakened on the news, mainly due to the below-expectations NFP number.
• But the probability for a December rate hike actually rose! Fed is still on track for a hike this year.
• Upcoming risk events for USD: Sep. FOMC minutes, retail sales for Sep. and a speech by Yellen.
Major OPEC & non-OPEC oil producers meet again
• Major OPEC & non OPEC producers meet in Turkey to finalize details of Algeria deal (until Thurs.)
• On Sunday, news reports said that Iran & Iraq will not attend these talks, casting doubt on whether any decisions will be taken in Turkey.
Today:
• Norway: CPI rate for Sep. is exp. unchanged. The reaction in NOK may be limited.
This week:
• Tuesday: Germany’s ZEW survey for Oct. is exp. to show that improving sentiment.
• Wednesday: FOMC minutes of Sep. policy meeting. If the minutes show that an increasing number of officials have begun to favor a near-term hike, USD could gain.
• Thursday: China’s trade balance for Sep.
• Friday: Fed Chair Yellen speaks. Also, US retail sales for Sep. and China’s CPI & PPI data for Sep.
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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