IronFX Daily Commentary by Charalambos Pissouros | 29/12/2016
December 29, 2016 8:39 am
BoJ summary of opinions: Cautiously optimistic • At the Dec. meeting, most members were optimistic regarding the Japanese economy. • Most noted that QQE with yield curve control should be maintained to achieve the inflation target. • But one member said that the yield target should be raised a bit. • This could be one of the themes of 2017: Will the BoJ raise its yield target? • If they do, it would likely ease some of the depreciation pressure on JPY, but this is a low-probability scenario in our view.
As for today’s indicators: • UK: Nationwide house price index for Dec. is exp. to slow. • Norway: Retail sales ex. autos for Nov. are exp. to slow as well. NOK-negative. • Eurozone: M3 money supply growth for Nov. • US: Initial jobless claims for week ended Dec. 23rd are exp. to decline. USD-positive.
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BoJ summary of opinions: Cautiously optimistic
• At the Dec. meeting, most members were optimistic regarding the Japanese economy.
• Most noted that QQE with yield curve control should be maintained to achieve the inflation target.
• But one member said that the yield target should be raised a bit.
• This could be one of the themes of 2017: Will the BoJ raise its yield target?
• If they do, it would likely ease some of the depreciation pressure on JPY, but this is a low-probability scenario in our view.
As for today’s indicators:
• UK: Nationwide house price index for Dec. is exp. to slow.
• Norway: Retail sales ex. autos for Nov. are exp. to slow as well. NOK-negative.
• Eurozone: M3 money supply growth for Nov.
• US: Initial jobless claims for week ended Dec. 23rd are exp. to decline. USD-positive.
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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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