IronFX Daily Commentary by Sakis Paraskevov | 04/02/2016
February 4, 2016 9:27 amVideo
Latest News
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Bank of England: First Super Thursday of the year
• BoE simultaneously releases its meeting decision, meeting minutes, the votes and the quarterly Inflation Report.
• With no change in policy expected, focus will be on the Inflation Report and the minutes of the meeting. We expect near-term GDP growth and inflation forecasts to be revised downwards.
• The degree to which the new projections will be changed are likely to determine GBP reaction.
Fed’s Dudley pushes hike expectations further back
• NY Fed President Dudley said that financial conditions have tightened since Dec. and the FOMC needs to consider that when setting interest rates. Also, that further strengthening of the USD could hurt the US economy.
• His comments sparked a major sell-off in USD, as investors pushed back their expectations for a rate hike in March.
Today:
• US: Prel. Unit Labor Costs index for Q4 is exp. to have accelerated. Initial jobless claims for the week ended Jan. 28th are exp. to increase a bit. Also, factory orders for Dec. are exp. to decline.
• Speakers: BoE Governor Mark Carney, ECB President Mario Draghi and ECB Executive Board member Yves Mersch.
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