IronFX Daily Commentary by Sakis Paraskevov | 03/02/2016
February 3, 2016 9:47 am
RBNZ signals it won’t focus on low headline inflation • RBNZ Gov. Wheeler dampened expectations for further rate cuts, as it would be inappropriate for the Bank to cut rates to offset low oil prices. • But if concerns around the global economy deepen, they may need to ease further. • On top of that, NZ’s unemployment rate declined in Q4 adding some further support to NZD.
BoJ Kuroda mimics Draghi… • BoJ Gov. said no limits to measures for monetary easing and signaled readiness to cut rates again. • He countered criticism the Bank is running out of tools and that if current measures are not enough they could devise new tools to meet their inflation target.
Today: • France, Germany & Eurozone: Final service-sector PMIs for Jan. Usually not major market movers. • UK: Service-sector PMI for Jan. is exp. to decline slightly. This could prove GBP-negative. • Eurozone: Retail sales for Dec. are exp. to rise, which could support EUR a bit. • Norway: AKU unemployment rate for Nov. but reaction on NOK could be muted. • US: ADP employment report for Jan. is exp. close to 200k. Also, final Markit services PMI and ISM non-manufacturing PMI, both for Jan.
RBNZ signals it won’t focus on low headline inflation
• RBNZ Gov. Wheeler dampened expectations for further rate cuts, as it would be inappropriate for the Bank to cut rates to offset low oil prices.
• But if concerns around the global economy deepen, they may need to ease further.
• On top of that, NZ’s unemployment rate declined in Q4 adding some further support to NZD.
BoJ Kuroda mimics Draghi…
• BoJ Gov. said no limits to measures for monetary easing and signaled readiness to cut rates again.
• He countered criticism the Bank is running out of tools and that if current measures are not enough they could devise new tools to meet their inflation target.
Today:
• France, Germany & Eurozone: Final service-sector PMIs for Jan. Usually not major market movers.
• UK: Service-sector PMI for Jan. is exp. to decline slightly. This could prove GBP-negative.
• Eurozone: Retail sales for Dec. are exp. to rise, which could support EUR a bit.
• Norway: AKU unemployment rate for Nov. but reaction on NOK could be muted.
• US: ADP employment report for Jan. is exp. close to 200k. Also, final Markit services PMI and ISM non-manufacturing PMI, both for Jan.
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