IronFX Daily Commentary by Marios Hadjikyriacos | 23/05/2017
May 23, 2017 9:10 am
Euro climbs further after Merkel says it’s “too weak” • EUR extended its recent gains yesterday, following some remarks from German Chancellor Merkel. • Speaking about the causes of Germany’s large trade surplus, she said that one of the reasons is that the euro is “too weak”, due to the ECB’s policy. • Even though such rhetoric is not new (Schauble has made many similar comments), it added further fuel to the recent bullish sentiment surrounding EUR. • EUR/USD could continue to gain in the near-term, amid diminished European political risks, prospects for a more optimistic ECB, and a battered dollar. • Today’s PMIs from the Eurozone could be the catalyst for another leg higher in the pair.
Today’s highlights: • Eurozone: Preliminary manufacturing & services PMIs for May (08:00 GMT). The manufacturing index is expected to tick down, services to remain unchanged. Despite a potential decline in manufacturing, both indices are expected to remain at elevated levels, which could bring EUR under renewed buying interest. • Germany: Ifo survey for May (08:00 GMT). Both indices are forecast to have ticked up, which could be another encouraging Eurozone development. • Speakers: BoE Governor Mark Carney (09:00 GMT), ECB Executive Board member Benoit Coeure (15:00 GMT) and Minneapolis Fed President Neel Kashkari (19:15 GMT).
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Euro climbs further after Merkel says it’s “too weak”
• EUR extended its recent gains yesterday, following some remarks from German Chancellor Merkel.
• Speaking about the causes of Germany’s large trade surplus, she said that one of the reasons is that the euro is “too weak”, due to the ECB’s policy.
• Even though such rhetoric is not new (Schauble has made many similar comments), it added further fuel to the recent bullish sentiment surrounding EUR.
• EUR/USD could continue to gain in the near-term, amid diminished European political risks, prospects for a more optimistic ECB, and a battered dollar.
• Today’s PMIs from the Eurozone could be the catalyst for another leg higher in the pair.
Today’s highlights:
• Eurozone: Preliminary manufacturing & services PMIs for May (08:00 GMT). The manufacturing index is expected to tick down, services to remain unchanged. Despite a potential decline in manufacturing, both indices are expected to remain at elevated levels, which could bring EUR under renewed buying interest.
• Germany: Ifo survey for May (08:00 GMT). Both indices are forecast to have ticked up, which could be another encouraging Eurozone development.
• Speakers: BoE Governor Mark Carney (09:00 GMT), ECB Executive Board member Benoit Coeure (15:00 GMT) and Minneapolis Fed President Neel Kashkari (19:15 GMT).
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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