IronFX Daily Commentary by Sakis Paraskevov | 02/06/2016
June 2, 2016 8:03 am
ECB to stand pat…but sound optimistic? • The ECB is widely exp. to remain on hold. Focus will be on the updated forecasts and Draghi’s press conference. • Forecasts for GDP and inflation may be revised up, which could support EUR. • Draghi is likely to suggest that the Bank is in a “wait and see mode” to assess the recent stimulus measures.
OPEC unlikely to strike a deal • Expectations for an output freeze deal are very low given the current oil price level. • Given the extent of expectations for no agreement, risks around the meeting are likely asymmetrical. • Any agreement may generate a bigger market reaction than the anticipated “no deal”.
Today: • UK: Construction PMI for May. Exp. to stay unch. GBP reaction may remain limited. • US: ADP employment figure for May is exp. to increase, which could support USD. Also, initial jobless claims for week ended May 27th. • Speakers: Besides President Draghi, BoE Gov. Mark Carney, Fed Board Gov. Jerome Powell and NY Fed President William Dudley speak.
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ECB to stand pat…but sound optimistic?
• The ECB is widely exp. to remain on hold. Focus will be on the updated forecasts and Draghi’s press conference.
• Forecasts for GDP and inflation may be revised up, which could support EUR.
• Draghi is likely to suggest that the Bank is in a “wait and see mode” to assess the recent stimulus measures.
OPEC unlikely to strike a deal
• Expectations for an output freeze deal are very low given the current oil price level.
• Given the extent of expectations for no agreement, risks around the meeting are likely asymmetrical.
• Any agreement may generate a bigger market reaction than the anticipated “no deal”.
Today:
• UK: Construction PMI for May. Exp. to stay unch. GBP reaction may remain limited.
• US: ADP employment figure for May is exp. to increase, which could support USD. Also, initial jobless claims for week ended May 27th.
• Speakers: Besides President Draghi, BoE Gov. Mark Carney, Fed Board Gov. Jerome Powell and NY Fed President William Dudley speak.
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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