IronFX Daily Commentary by Charalambos Pissouros | 23/05/2016
May 23, 2016 8:29 am
G7 meeting: No agreement on FX interventions • Japan and the US disagreed on whether the yen’s recent moves were “orderly”. • Further verbal intervention by Japanese officials is unlikely to move the yen. • But given the soft data, speculation of further BoJ easing may keep JPY under selling pressure in the near-term.
Today: • France, Germany & Eurozone: Prel. manufacturing and services PMIs for May. Most figures are exp. to increase, which could support EUR. • Speakers: St. Louis Fed President J. Bullard & San Francisco Fed President John Williams.
This week: • Tuesday: Germany’s ZEW survey for May is exp. to show a rise in both indices. • Wednesday: BoC rate decision. The Bank is exp. to stand pat. We believe that officials may reintroduce a dovish bias, which could hurt CAD. Also, Germany’s Ifo survey for May. • Thursday: UK 2nd estimate of Q1 GDP and US durable goods orders for Apr. • Friday: Fed Chair Yellen’s speech. We exp. the Fed chief to indicate that June is still a live meeting, which could support USD. US 2nd estimate of Q1 GDP. Leaders of G7 nations meet for a two-day summit in Japan. Japan’s CPI data for Apr. are coming out as well.
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G7 meeting: No agreement on FX interventions
• Japan and the US disagreed on whether the yen’s recent moves were “orderly”.
• Further verbal intervention by Japanese officials is unlikely to move the yen.
• But given the soft data, speculation of further BoJ easing may keep JPY under selling pressure in the near-term.
Today:
• France, Germany & Eurozone: Prel. manufacturing and services PMIs for May. Most figures are exp. to increase, which could support EUR.
• Speakers: St. Louis Fed President J. Bullard & San Francisco Fed President John Williams.
This week:
• Tuesday: Germany’s ZEW survey for May is exp. to show a rise in both indices.
• Wednesday: BoC rate decision. The Bank is exp. to stand pat. We believe that officials may reintroduce a dovish bias, which could hurt CAD. Also, Germany’s Ifo survey for May.
• Thursday: UK 2nd estimate of Q1 GDP and US durable goods orders for Apr.
• Friday: Fed Chair Yellen’s speech. We exp. the Fed chief to indicate that June is still a live meeting, which could support USD. US 2nd estimate of Q1 GDP. Leaders of G7 nations meet for a two-day summit in Japan. Japan’s CPI data for Apr. are coming out 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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