IronFX Daily Commentary by Sakis Paraskevov | 03/11/2016
November 3, 2016 9:52 am
Will the BoE send optimistic signals on “Super Thursday”? • “Super Thursday” = Rate decision, meeting minutes & Quarterly Inflation Report. • Expectations are for the Bank to stand pat via a unanimous 9-0 vote. • We share this view, due to the solid UK data, and exp. optimistic rhetoric from officials. • Upbeat comments (and maybe upward revisions in forecasts) could prove GBP-positive.
FOMC: See you in December • FOMC stood pat yesterday, stating that the case for a hike has strengthened further. • Muted market reaction, as the Committee mostly confirmed what we already knew. • But USD kept sliding overnight! US presidential race is tightening = higher uncertainty. • Incoming election polls may remain the key driver of USD over the next few days.
As for the rest of today’s highlights: • UK: High Court decides whether Parliament should vote on triggering Article 50. If parliament should vote, GBP probably rallies. Parliament doesn’t vote, GBP may slide. Also, services PMI for Oct. but market focus may be on the other events. • US: ISM non-manufacturing PMI for Oct. is exp. to decline. • Speakers: BoE Governor Carney holds press conference after rate decision.
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Will the BoE send optimistic signals on “Super Thursday”?
• “Super Thursday” = Rate decision, meeting minutes & Quarterly Inflation Report.
• Expectations are for the Bank to stand pat via a unanimous 9-0 vote.
• We share this view, due to the solid UK data, and exp. optimistic rhetoric from officials.
• Upbeat comments (and maybe upward revisions in forecasts) could prove GBP-positive.
FOMC: See you in December
• FOMC stood pat yesterday, stating that the case for a hike has strengthened further.
• Muted market reaction, as the Committee mostly confirmed what we already knew.
• But USD kept sliding overnight! US presidential race is tightening = higher uncertainty.
• Incoming election polls may remain the key driver of USD over the next few days.
As for the rest of today’s highlights:
• UK: High Court decides whether Parliament should vote on triggering Article 50. If parliament should vote, GBP probably rallies. Parliament doesn’t vote, GBP may slide. Also, services PMI for Oct. but market focus may be on the other events.
• US: ISM non-manufacturing PMI for Oct. is exp. to decline.
• Speakers: BoE Governor Carney holds press conference after rate decision.
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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