IronFX Daily Commentary by Charalambos Pissouros | 11/07/2016
July 11, 2016 9:19 am
• US jobs growth rebounds strongly in June • NFP came 287k vs 175k exp. Unemployment rate rose, partly due to a rebound in the labor force participation rate. Avg. hourly earnings slowed. • USD strengthened initially, but then traded in a choppy manner and gave back most of its gains. • We continue to see risks to USD as tilted to the upside. More solid data could lead investors to re-price Fed hikes and thereby boost USD.
• Today: • Norway: CPI for Jun. is exp. to slow, which could hurt NOK at the release. • Canada: Housing starts for Jun. are exp. to rise, but this is usually not a major market mover. • This week: • Tuesday: No major events or indicators. • Wednesday: BoC rate decision. Bank is widely exp. to stand pat, which could support CAD. Also, China’s trade data for Jun. • Thursday: BoE policy meeting. The official forecast is for the Bank to remain on hold, while market pricing suggests a cut. We believe the officials will ease at this meeting, which could bring GBP under renewed selling interest. • Friday: China’s Q2 GDP is exp. to slow. Also, the nation’s retail sales, I.P and fixed asset investment, all for Jun. are due out. From the US, we get the CPI and retail sales, both for Jun.
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• US jobs growth rebounds strongly in June
• NFP came 287k vs 175k exp. Unemployment rate rose, partly due to a rebound in the labor force participation rate. Avg. hourly earnings slowed.
• USD strengthened initially, but then traded in a choppy manner and gave back most of its gains.
• We continue to see risks to USD as tilted to the upside. More solid data could lead investors to re-price Fed hikes and thereby boost USD.
• Today:
• Norway: CPI for Jun. is exp. to slow, which could hurt NOK at the release.
• Canada: Housing starts for Jun. are exp. to rise, but this is usually not a major market mover.
• This week:
• Tuesday: No major events or indicators.
• Wednesday: BoC rate decision. Bank is widely exp. to stand pat, which could support CAD. Also, China’s trade data for Jun.
• Thursday: BoE policy meeting. The official forecast is for the Bank to remain on hold, while market pricing suggests a cut. We believe the officials will ease at this meeting, which could bring GBP under renewed selling interest.
• Friday: China’s Q2 GDP is exp. to slow. Also, the nation’s retail sales, I.P and fixed asset investment, all for Jun. are due out. From the US, we get the CPI and retail sales, both for Jun.
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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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