IronFX Daily Commentary by Marios Hadjikyriacos | 16/02/2017
February 16, 2017 10:04 am
USD gains on solid economic data, but only briefly • USD gained yest. after almost all data releases beat their forecasts (CPI & retail sales). • But the reaction was short-lived. Gave back all the gains to trade lower in the following hours. • Yellen didn’t say anything new. USD correction lower may have been due to disappointing real wage growth, released alongside the CPIs. • USD outlook remains cautiously optimistic, but a lot will depend on Trump’s tax announcement.
Riksbank remains on hold and shifts to an ultra-dovish bias • Riksbank stood pat as was widely expected. The language in the meeting statement was dovish. • Said that there’s still a higher probability for a rate cut than a hike in near-term. • Wants a SEK that does not appreciate too quickly, and renewed a mandate that allows it to intervene in the FX market. • SEK plunged on the dovish signals, and may remain under selling interest.
Today’s highlights: • Sweden: Unemployment rate for Jan. is exp. to have risen notably. SEK-negative. • Eurozone: ECB January meeting minutes. Usually not a major market mover. • US: Philly Fed business activity index for Feb. is exp. to decline. May prove slightly USD-negative. Also, building permits & housing starts for Jan. • Speakers: Norges Bank Governor Stefan Ingves.
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USD gains on solid economic data, but only briefly
• USD gained yest. after almost all data releases beat their forecasts (CPI & retail sales).
• But the reaction was short-lived. Gave back all the gains to trade lower in the following hours.
• Yellen didn’t say anything new. USD correction lower may have been due to disappointing real wage growth, released alongside the CPIs.
• USD outlook remains cautiously optimistic, but a lot will depend on Trump’s tax announcement.
Riksbank remains on hold and shifts to an ultra-dovish bias
• Riksbank stood pat as was widely expected. The language in the meeting statement was dovish.
• Said that there’s still a higher probability for a rate cut than a hike in near-term.
• Wants a SEK that does not appreciate too quickly, and renewed a mandate that allows it to intervene in the FX market.
• SEK plunged on the dovish signals, and may remain under selling interest.
Today’s highlights:
• Sweden: Unemployment rate for Jan. is exp. to have risen notably. SEK-negative.
• Eurozone: ECB January meeting minutes. Usually not a major market mover.
• US: Philly Fed business activity index for Feb. is exp. to decline. May prove slightly USD-negative. Also, building permits & housing starts for Jan.
• Speakers: Norges Bank Governor Stefan Ingves.
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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