IronFX Daily Commentary by Charalambos Pissouros | 28/10/2016
October 28, 2016 8:52 amVideo
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US GDP data to take center stage
• 1st est. of Q3 GDP is exp. to have risen +2.5% qoq from +1.4% qoq in Q2.
• Although we believe the risks are tilted to the downside and a miss in GDP could prove largely USD-negative, exp. for a Dec. rate hike could stay intact.
• The 1st est. of the core PCE deflator for Q3 is also coming out along with the final U of M consumer sentiment index for Oct.
Japan’s data…not so bad!
• Inflation data were weak, but more or less in line with exp. with the core CPI still in deflation. Household spending and jobless rate though were not as bad as expected.
• BoJ meets next week and is widely exp. to keep remain on hold. These data are unlikely to prompt further easing.
• USD/JPY trades back above the psychological 105 level.
Today:
• Germany: Prel. CPI for Oct. Expectations are for an acceleration something that could raise the likelihood for a tick higher in Eurozone’s CPI due out on Monday.
• Speakers: ECB Board member Benoit Coeure.
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