IronFX Daily Commentary by Marios Hadjikyriacos | 19/12/2016
December 19, 2016 10:07 amVideo
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BoJ’s epilogue for 2016 in focus
• Policy decision: Asian morning Tuesday. The forecast is for the Bank to keep its policy unchanged.
• Relatively optimistic data and the yen’s collapse are likely to be positive developments for BoJ.
• We expect upbeat rhetoric. This could support JPY, but any positive reaction may be short-lived.
Today:
• Germany: Ifo survey for Dec. Forecast is for both the current conditions and the expectations indices to rise. We see upside risks for the current conditions forecast. May be EUR-positive.
• New Zealand: Global Dairy trade index. Further gains in dairy prices could prove NZD-positive.
• US: Prel. Markit services PMI for Dec.
• Speakers: Fed Chair Yellen speaks on the labor market. Focus will be on her outlook for 2017 and beyond, considering the “hawkish” remarks and dot plot at the latest policy meeting.
As for the rest of the week:
• Tues: BoJ rate decision, described above.
• Wedn: Riksbank rate decision. We expect the Bank to keep policy unchanged, but with a very dovish message. Such rhetoric may prove SEK-negative. Also, New Zealand’s GDP for Q3.
• Thurs: US personal income & spending, as well as durable goods orders, all for Nov. Also, Canada’s CPI data for Nov.
• Fri: UK final estimate of GDP & current account balance, both for Q3.
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