IronFX Daily Commentary by Charalambos Pissouros | 26/10/2016
October 26, 2016 9:17 am
• Draghi defends ECB’s stimulus policies • Draghi defended the Bank’s easy-money policies and signalled to keep them in place to secure its inflation target. • These comments increased the bets that the Bank may extend its QE program in Dec. • BoE Carney: We are not indifferent of the exchange rate level • MPC will consider the further depression of the GBP at their next rate decision. • The recent rapid drop may stall any further stimulus. • Overnight: AUD/USD jump on the back of the inflation data • Headline figure surprised higher, while the core measures both remained subdued. • AUD/USD jumped as the data were more or less in line with RBA’s forecasts. • The new Governor appears to be more tolerant of low inflation, so the prospect of a near term rate cut (next week) has diminished significantly. • Despite the jump, further advances in AUD/USD are likely to stay limited below 0.77. • Today’s indicators: • US: Prel. Markit Services PMI for Oct. and New home sales for Sept.. Focus mainly on services PMI but both data are usually not major market movers.
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• Draghi defends ECB’s stimulus policies
• Draghi defended the Bank’s easy-money policies and signalled to keep them in place to secure its inflation target.
• These comments increased the bets that the Bank may extend its QE program in Dec.
• BoE Carney: We are not indifferent of the exchange rate level
• MPC will consider the further depression of the GBP at their next rate decision.
• The recent rapid drop may stall any further stimulus.
• Overnight: AUD/USD jump on the back of the inflation data
• Headline figure surprised higher, while the core measures both remained subdued.
• AUD/USD jumped as the data were more or less in line with RBA’s forecasts.
• The new Governor appears to be more tolerant of low inflation, so the prospect of a near term rate cut (next week) has diminished significantly.
• Despite the jump, further advances in AUD/USD are likely to stay limited below 0.77.
• Today’s indicators:
• US: Prel. Markit Services PMI for Oct. and New home sales for Sept.. Focus mainly on services PMI but both data are usually not major market movers.
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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