IronFX Daily Commentary by Sakis Paraskevov | 02/02/2016
February 2, 2016 9:34 am
RBA on hold, but leaves door open • The RBA remained on hold overnight, but signalled there is scope for further easing if needed. • The statement flagged concerns from global risks, but did not revise down the Bank’s forecasts.
Fed’s Fischer: Difficult to judge impact of recent turmoil on US economy • Fed’s Vice-Chair said that the slowing in the global economy and recent market turmoil could affect growth and inflation in the US. • If these developments deteriorate the US outlook, they could slow down the path of further rate hikes.
Today: • Germany: The unemployment rate for Jan. is exp. to remain unchanged. • Eurozone: Unemployment rate for Dec. is exp. to remain unchanged. Also, PPI for Dec. • UK: Construction PMI for Jan. is exp. to decline, but given the manuf. PMI improved, we see a possibility for a positive surprise in construction too. • Speakers: SNB President Thomas Jordan, ECB Executive Board member Benoit Coeure and Kansas City Fed President Esther George.
RBA on hold, but leaves door open
• The RBA remained on hold overnight, but signalled there is scope for further easing if needed.
• The statement flagged concerns from global risks, but did not revise down the Bank’s forecasts.
Fed’s Fischer: Difficult to judge impact of recent turmoil on US economy
• Fed’s Vice-Chair said that the slowing in the global economy and recent market turmoil could affect growth and inflation in the US.
• If these developments deteriorate the US outlook, they could slow down the path of further rate hikes.
Today:
• Germany: The unemployment rate for Jan. is exp. to remain unchanged.
• Eurozone: Unemployment rate for Dec. is exp. to remain unchanged. Also, PPI for Dec.
• UK: Construction PMI for Jan. is exp. to decline, but given the manuf. PMI improved, we see a possibility for a positive surprise in construction too.
• Speakers: SNB President Thomas Jordan, ECB Executive Board member Benoit Coeure and Kansas City Fed President Esther George.
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