IronFX Daily Commentary by Sakis Paraskevov | 03/06/2016
June 3, 2016 7:58 am
US payrolls to shed light on hike expectations • US NFP for May is exp. 164k vs 160k prev. Unempl. rate exp. to decline to 4.9% from 5.0% prev. and avg. hourly earnings to slow down. • Net-net, this is exp. to be a solid report, which may raise bets for a summer rate hike and thereby support USD.
ECB is in a “wait and see” mode • ECB remained on hold. Draghi’s tone in line with expectations, thus no market reaction. • Bank is likely to remain on hold for some time, while the previous measures kick in.
OPEC: No freeze deal in sight • OPEC members did not reach a consensus to freeze oil output. Thus, oil prices tumbled, but recovered afterwards.
Today: • Norway: Unemployment rate for May is exp. to decline somewhat. • Germany & Eurozone: Final services PMIs for May. • UK: Services PMI for May. is exp. to rise a bit, but any reaction in GBP may be limited. • US: Trade balance and factory orders, both for Apr. Also, ISM non-manuf. PMI for May. • Speakers: Fed Board Governor Lael Brainard.
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US payrolls to shed light on hike expectations
• US NFP for May is exp. 164k vs 160k prev. Unempl. rate exp. to decline to 4.9% from 5.0% prev. and avg. hourly earnings to slow down.
• Net-net, this is exp. to be a solid report, which may raise bets for a summer rate hike and thereby support USD.
ECB is in a “wait and see” mode
• ECB remained on hold. Draghi’s tone in line with expectations, thus no market reaction.
• Bank is likely to remain on hold for some time, while the previous measures kick in.
OPEC: No freeze deal in sight
• OPEC members did not reach a consensus to freeze oil output. Thus, oil prices tumbled, but recovered afterwards.
Today:
• Norway: Unemployment rate for May is exp. to decline somewhat.
• Germany & Eurozone: Final services PMIs for May.
• UK: Services PMI for May. is exp. to rise a bit, but any reaction in GBP may be limited.
• US: Trade balance and factory orders, both for Apr. Also, ISM non-manuf. PMI for May.
• Speakers: Fed Board Governor Lael Brainard.
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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