IronFX Daily Commentary by Charalambos Pissouros | 27/04/2017
April 27, 2017 9:58 am
ECB meeting: Not ready to change tune yet • ECB is widely expected to stand pat today. Focus will probably be on Draghi’s press conference. • He is likely to maintain a cautious tone, offering no hints regarding a reduction in stimulus yet. • May instead point to still-low inflation (political risks have still not dissipated as well). • EUR could experience a pullback in case his tone is seen as dovish. • But any such negative reaction may remain short-lived, given the currency’s positive trend.
Trump says he will not immediately scrap NAFTA; CAD & MXN jump • CAD & MXN both jumped overnight on news the US will not immediately withdraw from NAFTA. • There were several media reports yesterday saying the US was considering doing that. • Although CAD & MXN may stay supported in the next days, we don’t expect a sustained positive reaction (still too much uncertainty around trade). • In other news, the tax announcement barely contained any real details. Both USD & stocks moved lower in the aftermath.
BoJ meeting: No surprises • BoJ remained on hold. Revised down its inflation forecasts, but the reaction in JPY was muted.
Today: • Sweden: Riksbank meeting (07:30 GMT). Likely to maintain a dovish tone. If so, SEK-negative. • US: Durable goods orders for March (12:30 GMT) are expected to have slowed. USD-negative.
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ECB meeting: Not ready to change tune yet
• ECB is widely expected to stand pat today. Focus will probably be on Draghi’s press conference.
• He is likely to maintain a cautious tone, offering no hints regarding a reduction in stimulus yet.
• May instead point to still-low inflation (political risks have still not dissipated as well).
• EUR could experience a pullback in case his tone is seen as dovish.
• But any such negative reaction may remain short-lived, given the currency’s positive trend.
Trump says he will not immediately scrap NAFTA; CAD & MXN jump
• CAD & MXN both jumped overnight on news the US will not immediately withdraw from NAFTA.
• There were several media reports yesterday saying the US was considering doing that.
• Although CAD & MXN may stay supported in the next days, we don’t expect a sustained positive reaction (still too much uncertainty around trade).
• In other news, the tax announcement barely contained any real details. Both USD & stocks moved lower in the aftermath.
BoJ meeting: No surprises
• BoJ remained on hold. Revised down its inflation forecasts, but the reaction in JPY was muted.
Today:
• Sweden: Riksbank meeting (07:30 GMT). Likely to maintain a dovish tone. If so, SEK-negative.
• US: Durable goods orders for March (12:30 GMT) are expected to have slowed. USD-negative.
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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