IronFX Daily Commentary by Charalambos Pissouros | 20/10/2016
October 20, 2016 8:42 am
ECB to take no action, Draghi’s comments in focus • ECB is exp. to stand pat. Any market movement will come from Draghi’s Q&A. • Questions likely to focus around the possibility of “ECB tapering” (Bloomberg story). • We don’t exp. Draghi to confirm that any such discussion has taken place (would be counterproductive to previous measures). • As such, Draghi may sound quite dovish, something that could hurt EUR. • BOC strikes a neural tone in the statement, but Poloz backpedals
BoC remained on hold. Meeting statement was more hawkish than exp. CAD surged. • But that didn’t last long. In the press conference, Poloz said they “actively discussed” adding more stimulus. • CAD erased all gains. Next market mover for CAD: CPI data for Sep. tomorrow.
US Presidential debate: Little market movement
Today’s indicators: • UK: Retail sales for Sep. are exp. to rise. This could cause GBP to correct higher. • US: Existing home sales for Sep. and Philly Fed business index for Oct. • Speakers: NY Fed President William Dudley and Norges Bank Governor Olsen.
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ECB to take no action, Draghi’s comments in focus
• ECB is exp. to stand pat. Any market movement will come from Draghi’s Q&A.
• Questions likely to focus around the possibility of “ECB tapering” (Bloomberg story).
• We don’t exp. Draghi to confirm that any such discussion has taken place (would be counterproductive to previous measures).
• As such, Draghi may sound quite dovish, something that could hurt EUR.
• BOC strikes a neural tone in the statement, but Poloz backpedals
BoC remained on hold. Meeting statement was more hawkish than exp. CAD surged.
• But that didn’t last long. In the press conference, Poloz said they “actively discussed” adding more stimulus.
• CAD erased all gains. Next market mover for CAD: CPI data for Sep. tomorrow.
US Presidential debate: Little market movement
Today’s indicators:
• UK: Retail sales for Sep. are exp. to rise. This could cause GBP to correct higher.
• US: Existing home sales for Sep. and Philly Fed business index for Oct.
• Speakers: NY Fed President William Dudley and Norges Bank Governor Olsen.
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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