IronFX Daily Commentary by Charalambos Pissouros | 16/06/2016
June 16, 2016 9:05 am
Cautious Fed lowers rate path projections • FOMC remained on hold and lowered its rate path projections for 2017 (dot plot) to signal just 3 rate hikes, from 4 previously. • USD tumbled, but recovered some of its losses during Yellen’s press conference. • Near-term hikes to be data-driven. USD direction likely to depend on incoming US data.
BoJ holds its fire, yen surges • The BoJ stood pat as well, causing USD/JPY to collapse and reach a 21-month low. • Until June 23rd (UK refer.), JPY could remain resilient or even strengthen further.
Today: • UK: BoE policy meeting. Officials are widely exp. to remain on hold. Focus will be on the meeting votes and minutes, but any reaction in GBP could be erased on the next poll. • Switzerland: SNB rate decision. Bank is also exp. to stand pat. Likely to reiterate CHF is overvalued. This may ease CHF gains a bit, but any such reaction may be short-lived. • US: US CPI for May. Core rate exp. to rise, which may support USD. Philly Fed index and NAHB housing index, both for Jun. Initial jobless claims for week end. Jun. 10th. • Speakers: SNB Chairman Thomas Jordan holds a press conference following rate decision. ECB Executive Board member Yves Mersch speaks as well.
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Cautious Fed lowers rate path projections
• FOMC remained on hold and lowered its rate path projections for 2017 (dot plot) to signal just 3 rate hikes, from 4 previously.
• USD tumbled, but recovered some of its losses during Yellen’s press conference.
• Near-term hikes to be data-driven. USD direction likely to depend on incoming US data.
BoJ holds its fire, yen surges
• The BoJ stood pat as well, causing USD/JPY to collapse and reach a 21-month low.
• Until June 23rd (UK refer.), JPY could remain resilient or even strengthen further.
Today:
• UK: BoE policy meeting. Officials are widely exp. to remain on hold. Focus will be on the meeting votes and minutes, but any reaction in GBP could be erased on the next poll.
• Switzerland: SNB rate decision. Bank is also exp. to stand pat. Likely to reiterate CHF is overvalued. This may ease CHF gains a bit, but any such reaction may be short-lived.
• US: US CPI for May. Core rate exp. to rise, which may support USD. Philly Fed index and NAHB housing index, both for Jun. Initial jobless claims for week end. Jun. 10th.
• Speakers: SNB Chairman Thomas Jordan holds a press conference following rate decision. ECB Executive Board member Yves Mersch speaks as well.
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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