IronFX Daily Commentary by Charalambos Pissouros | 29/08/2016
August 29, 2016 8:26 am
Yellen says the case for a rate hike has strengthened • Yellen: Continued strength in the labor market and an improving economic outlook have strengthened the case for a hike. • Fischer: Yellen’s comments consistent with a Sep. hike, or even two hikes this year. • USD traded in a choppy manner initially, but assumed direction and strengthened following Fischer’s comments. • Focus now turns to NFP for Aug. A strong report could further intensify speculation for a Sep. hike.
Today: • US: Personal income & spending for Jul. Income is exp. to accelerate, spending to slow. Net-net, these could reverse some of the dollar’s recent gains, at least at the release.
This week: • Tuesday: Germany’s prel. CPI rate for Aug. is exp. unchanged. EUR reaction may be limited. • Wednesday: Eurozone’s prel. CPI and US ADP employment report, both for Aug. Also, Canada’s GDP for Q2. • Thursday: Manufacturing PMIs from: China, the UK, and the US (ISM), all for Aug. • Friday: US employment report for Aug. NFP is exp. 164k vs 255k prev. Unemployment rate is exp. to decline to 4.8% from 4.9%, avg. hourly earnings exp. to slow a bit. Also, the UK’s construction PMI for Aug.
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Yellen says the case for a rate hike has strengthened
• Yellen: Continued strength in the labor market and an improving economic outlook have strengthened the case for a hike.
• Fischer: Yellen’s comments consistent with a Sep. hike, or even two hikes this year.
• USD traded in a choppy manner initially, but assumed direction and strengthened following Fischer’s comments.
• Focus now turns to NFP for Aug. A strong report could further intensify speculation for a Sep. hike.
Today:
• US: Personal income & spending for Jul. Income is exp. to accelerate, spending to slow. Net-net, these could reverse some of the dollar’s recent gains, at least at the release.
This week:
• Tuesday: Germany’s prel. CPI rate for Aug. is exp. unchanged. EUR reaction may be limited.
• Wednesday: Eurozone’s prel. CPI and US ADP employment report, both for Aug. Also, Canada’s GDP for Q2.
• Thursday: Manufacturing PMIs from: China, the UK, and the US (ISM), all for Aug.
• Friday: US employment report for Aug. NFP is exp. 164k vs 255k prev. Unemployment rate is exp. to decline to 4.8% from 4.9%, avg. hourly earnings exp. to slow a bit. Also, the UK’s construction PMI for Aug.
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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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