IronFX Daily Commentary by Charalambos Pissouros | 22/08/2016
August 22, 2016 8:38 am
Yen drops as Kuroda hints at further stimulus • USD/JPY opened with a gap higher this week, following dovish comments by BoJ Gov. Kuroda. • He said that there is a “sufficient chance” the Bank will add to its stimulus program in Sept. • Speculation for a move as early as then could curb some of the yen’s strength heading into that meeting (21st Sep.).
GBP tumbles on reports that Article 50 will be triggered by April • Sterling came under renewed selling interest on Friday, after reports that PM May will trigger Article 50 by April, ahead of German & French elections. • No major UK data this week, so this negative sentiment could weigh on GBP for a while.
This week: • Tuesday: Eurozone prel. manufacturing & services PMIs for Aug. An increase in these indices could support EUR. • Wednesday: No major events or indicators. • Thursday: Germany’s Ifo survey for Aug. and US durable goods orders for Jul. • Friday: Fed Chair Yellen’s speech at the Jackson Hole economic symposium. Any comments on the Fed’s pace of normalization could determine the dollar’s forthcoming direction. Also, 2nd estimates of Q2 GDP from the US and the UK. Japan’s CPI data for Jul. will be critical to expectations for further easing by the BoJ.
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Yen drops as Kuroda hints at further stimulus
• USD/JPY opened with a gap higher this week, following dovish comments by BoJ Gov. Kuroda.
• He said that there is a “sufficient chance” the Bank will add to its stimulus program in Sept.
• Speculation for a move as early as then could curb some of the yen’s strength heading into that meeting (21st Sep.).
GBP tumbles on reports that Article 50 will be triggered by April
• Sterling came under renewed selling interest on Friday, after reports that PM May will trigger Article 50 by April, ahead of German & French elections.
• No major UK data this week, so this negative sentiment could weigh on GBP for a while.
This week:
• Tuesday: Eurozone prel. manufacturing & services PMIs for Aug. An increase in these indices could support EUR.
• Wednesday: No major events or indicators.
• Thursday: Germany’s Ifo survey for Aug. and US durable goods orders for Jul.
• Friday: Fed Chair Yellen’s speech at the Jackson Hole economic symposium. Any comments on the Fed’s pace of normalization could determine the dollar’s forthcoming direction. Also, 2nd estimates of Q2 GDP from the US and the UK. Japan’s CPI data for Jul. will be critical to expectations for further easing by the BoJ.
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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