IronFX Daily Commentary by Charalambos Pissouros | 27/07/2016
July 27, 2016 8:39 am
FOMC preview: Is a more optimistic tone warranted? • The FOMC is widely expected to stand pat, with the probability for a hike close to 0%. • All the action will come from the meeting statement, which we exp. to sound more optimistic than the one in June. • Better US data and a resilient market response to “Brexit” make a more hawkish bias by the Committee appear likely, which could support USD.
Abe says stimulus package to exceed 28 trillion yen • JPY tumbled on new reports that PM Abe will announce a 27 tln yen stimulus package and issue 50 year government bonds. • It then recovered part of its losses after the MoF denied it is considering issuing 50yr bonds.
Today’s indicators: • UK: 1st estimate of Q2 GDP is exp. to have grown at the same pace as in Q1. We see a high likelihood for a negative surprise. If so, it could weaken GBP a bit. • Sweden: Consumer & manufacturing confidence indices, both for Jul. • US: Durable goods orders for Jun. Headline rate is exp. to fall and the core rate to rise. Given the mixed expectations and ahead of the FOMC, the reaction in USD may remain limited. Also, pending home sales for Jun.
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FOMC preview: Is a more optimistic tone warranted?
• The FOMC is widely expected to stand pat, with the probability for a hike close to 0%.
• All the action will come from the meeting statement, which we exp. to sound more optimistic than the one in June.
• Better US data and a resilient market response to “Brexit” make a more hawkish bias by the Committee appear likely, which could support USD.
Abe says stimulus package to exceed 28 trillion yen
• JPY tumbled on new reports that PM Abe will announce a 27 tln yen stimulus package and issue 50 year government bonds.
• It then recovered part of its losses after the MoF denied it is considering issuing 50yr bonds.
Today’s indicators:
• UK: 1st estimate of Q2 GDP is exp. to have grown at the same pace as in Q1. We see a high likelihood for a negative surprise. If so, it could weaken GBP a bit.
• Sweden: Consumer & manufacturing confidence indices, both for Jul.
• US: Durable goods orders for Jun. Headline rate is exp. to fall and the core rate to rise. Given the mixed expectations and ahead of the FOMC, the reaction in USD may remain limited. Also, pending home sales for Jun.
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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