IronFX Daily Commentary by Charalambos Pissouros | 13/05/2016
May 13, 2016 8:23 am
BoE stands pat, offers more “Brexit” warnings • The BoE stood pat by a unanimous 9-0 and revised down its GDP forecasts. • Speculation that some members could vote for a rate cut may have caused GBP/USD to rise following the decision. • Data we get until the vote will be treated cautiously, so GBP reaction may be limited. • Focus now shifts back on incoming referendum polls to gauge GBP direction. • We would need to see post-referendum data before taking a long-term direction in sterling.
Norges Bank on hold, more cuts possible • NB remained on hold, but reiterated that further rate cuts this year may be needed. • This could keep NOK under selling pressure overall.
Today: • Germany & Eurozone: Prel. GDP for Q1. Both figures exp. to accelerate, which could support EUR at the releases. • US: Retail sales for Apr. are exp. to rise. We see downside risks to the forecast, perhaps for retail sales to rise by less than exp. If so, this could prove USD-negative. Also, PPI for Apr. and prel. U of M consumer sentiment for May.
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BoE stands pat, offers more “Brexit” warnings
• The BoE stood pat by a unanimous 9-0 and revised down its GDP forecasts.
• Speculation that some members could vote for a rate cut may have caused GBP/USD to rise following the decision.
• Data we get until the vote will be treated cautiously, so GBP reaction may be limited.
• Focus now shifts back on incoming referendum polls to gauge GBP direction.
• We would need to see post-referendum data before taking a long-term direction in sterling.
Norges Bank on hold, more cuts possible
• NB remained on hold, but reiterated that further rate cuts this year may be needed.
• This could keep NOK under selling pressure overall.
Today:
• Germany & Eurozone: Prel. GDP for Q1. Both figures exp. to accelerate, which could support EUR at the releases.
• US: Retail sales for Apr. are exp. to rise. We see downside risks to the forecast, perhaps for retail sales to rise by less than exp. If so, this could prove USD-negative. Also, PPI for Apr. and prel. U of M consumer sentiment for May.
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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