IronFX Daily Commentary by Charalambos Pissouros | 13/10/2016
October 13, 2016 8:51 am
FOMC September minutes: No surprises • The minutes revealed little information not already known. As such, the reaction in USD was limited. • Decision to hike in Sep. was a close call, but FOMC decided to wait for more data. • Still on track for a Dec. hike, especially as data have been decent after the meeting. • But beware that markets already expect a hike then. Thus, any disappointment in US data could have a large negative reaction in USD.
Overnight: Soft Chinese trade data reignite global concerns • China’s trade data for Sep. missed their forecasts, with exports plunging. • This raises fresh concerns about global demand as well as China’s stabilization. • Safe havens JPY and gold rallied, and in a quiet day like today, may extent the gains.
Today: • Germany: Final CPI for Sep. is exp. to confirm the prel. estimate. As such, the reaction in EUR may remain limited. • US: Initial jobless claims for week ended Oct. 7th . • Speakers: Riksbank Governor Ingves and Philadelphia Fed President Patrick Harker.
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FOMC September minutes: No surprises
• The minutes revealed little information not already known. As such, the reaction in USD was limited.
• Decision to hike in Sep. was a close call, but FOMC decided to wait for more data.
• Still on track for a Dec. hike, especially as data have been decent after the meeting.
• But beware that markets already expect a hike then. Thus, any disappointment in US data could have a large negative reaction in USD.
Overnight: Soft Chinese trade data reignite global concerns
• China’s trade data for Sep. missed their forecasts, with exports plunging.
• This raises fresh concerns about global demand as well as China’s stabilization.
• Safe havens JPY and gold rallied, and in a quiet day like today, may extent the gains.
Today:
• Germany: Final CPI for Sep. is exp. to confirm the prel. estimate. As such, the reaction in EUR may remain limited.
• US: Initial jobless claims for week ended Oct. 7th .
• Speakers: Riksbank Governor Ingves and Philadelphia Fed President Patrick Harker.
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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