IronFX Daily Commentary by Charalambos Pissouros | 13/06/2016
June 13, 2016 8:35 am
Sterling collapses on new poll • GBP came under renewed selling pressure on Friday, after a fresh poll showed “Leave” ahead by 10 percentage points (55% – 45%). • Bookmakers probabilities for the UK to stay in the EU fell to 70% from 78% previously. • Pound’s near-term direction likely to continue to be driven by incoming polls rather than data. • Heading into the vote, volatility should rise further and new polls could move the pound more aggressively than before.
Today: • Sweden: PES unemployment rate for May. Usually not a major market mover. • Speakers: ECB Governing Council member Jens Weidmann. • This week: • Tuesday: UK CPI and US retail sales, both for May. • Wednesday: FOMC rate decision. The Fed is widely expected to stand pat. Focus will be on the updated “dots”, the new forecasts and Chair Yellen’s press conference. Also, UK jobs data for Apr. • Thursday: Three CBs meetings: BoJ, SNB and BoE. All three of them are expected to remain on hold, thus the focus will be on the statements accompanying the decisions. Also, US CPI for May. • Friday: Canada’s CPI for May. The core rate is exp. to slow, which could prove CAD-negative.
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Sterling collapses on new poll
• GBP came under renewed selling pressure on Friday, after a fresh poll showed “Leave” ahead by 10 percentage points (55% – 45%).
• Bookmakers probabilities for the UK to stay in the EU fell to 70% from 78% previously.
• Pound’s near-term direction likely to continue to be driven by incoming polls rather than data.
• Heading into the vote, volatility should rise further and new polls could move the pound more aggressively than before.
Today:
• Sweden: PES unemployment rate for May. Usually not a major market mover.
• Speakers: ECB Governing Council member Jens Weidmann.
• This week:
• Tuesday: UK CPI and US retail sales, both for May.
• Wednesday: FOMC rate decision. The Fed is widely expected to stand pat. Focus will be on the updated “dots”, the new forecasts and Chair Yellen’s press conference. Also, UK jobs data for Apr.
• Thursday: Three CBs meetings: BoJ, SNB and BoE. All three of them are expected to remain on hold, thus the focus will be on the statements accompanying the decisions. Also, US CPI for May.
• Friday: Canada’s CPI for May. The core rate is exp. to slow, which could prove CAD-negative.
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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