IronFX Daily Commentary by Marios Hadjikyriacos | 20/12/2016
December 20, 2016 8:44 am
BoJ keeps policy unchanged and shifts to a more optimistic tone • The BoJ remained on hold, and shifted to a more upbeat tone regarding Japan’s economy. • But the officials also highlighted many global risks, including China, the US, “Brexit”, and Eurozone’s debt and banking problems. • JPY tumbled on the decision, perhaps due to the many risks outlined. • We expect JPY to remain on the back foot, particularly vs USD, mainly due to the BoJ’s yield-targeting framework.
Yellen gives the dollar another shot in the arm • Speaking on the state of the labor market, she was very optimistic: “Strongest jobs market in nearly a decade”. • This may have fueled speculation for faster hikes. USD came under renewed buying interest. • Given all this optimism and “hawkish” signals, the dollar could remain supported in the foreseeable future.
Today: • Sweden: Consumer & manufacturing confidence indices for Dec. Consumer figure is exp. to decline, which may hurt SEK somewhat. • Eurozone: Current account balance for Oct.
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BoJ keeps policy unchanged and shifts to a more optimistic tone
• The BoJ remained on hold, and shifted to a more upbeat tone regarding Japan’s economy.
• But the officials also highlighted many global risks, including China, the US, “Brexit”, and Eurozone’s debt and banking problems.
• JPY tumbled on the decision, perhaps due to the many risks outlined.
• We expect JPY to remain on the back foot, particularly vs USD, mainly due to the BoJ’s yield-targeting framework.
Yellen gives the dollar another shot in the arm
• Speaking on the state of the labor market, she was very optimistic: “Strongest jobs market in nearly a decade”.
• This may have fueled speculation for faster hikes. USD came under renewed buying interest.
• Given all this optimism and “hawkish” signals, the dollar could remain supported in the foreseeable future.
Today:
• Sweden: Consumer & manufacturing confidence indices for Dec. Consumer figure is exp. to decline, which may hurt SEK somewhat.
• Eurozone: Current account balance for Oct.
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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