IronFX Daily Commentary by Sakis Paraskevov | 04/11/2016
November 4, 2016 10:28 am
NFP to steal the thunder from the Elections… for today • NFP is forecast at 175k in Oct., higher than the 156k in Sep. Unemployment rate exp. to decline, average hourly earnings to accelerate. • Overall, a strong report that would keep the Fed on track for a Dec. hike. USD-positive. • However, politics appear to overshadow economic data at the moment. • Thus, any positive reaction in USD on the news may be short-lived (attention on polls!).
UK High Court rules that “Brexit” needs Parliament’s approval • Government needs Parliament’s approval to invoke Article 50. GBP skyrocketed.
BOE stands pat and drops easing bias • BoE stood pat and shifted to a neutral bias. GBP-surged. BoE may be on hold for some time. • The BoE’s neutral tone and the fact that Parliament could vote on “Brexit”, may cause GBP to correct higher in the foreseeable future.
As for the rest of today’s events: • Canada: Jobs report for Oct is exp. to show deterioration in the labor market. As the US & Canadian reports are released simultaneously, USD/CAD could surge at the release. • Speakers: Fed Vice Chair Fischer, Fed Board Governor Brainard, Atlanta Fed President Lockhart and ECB Vice President Constancio.
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NFP to steal the thunder from the Elections… for today
• NFP is forecast at 175k in Oct., higher than the 156k in Sep. Unemployment rate exp. to decline, average hourly earnings to accelerate.
• Overall, a strong report that would keep the Fed on track for a Dec. hike. USD-positive.
• However, politics appear to overshadow economic data at the moment.
• Thus, any positive reaction in USD on the news may be short-lived (attention on polls!).
UK High Court rules that “Brexit” needs Parliament’s approval
• Government needs Parliament’s approval to invoke Article 50. GBP skyrocketed.
BOE stands pat and drops easing bias
• BoE stood pat and shifted to a neutral bias. GBP-surged. BoE may be on hold for some time.
• The BoE’s neutral tone and the fact that Parliament could vote on “Brexit”, may cause GBP to correct higher in the foreseeable future.
As for the rest of today’s events:
• Canada: Jobs report for Oct is exp. to show deterioration in the labor market. As the US & Canadian reports are released simultaneously, USD/CAD could surge at the release.
• Speakers: Fed Vice Chair Fischer, Fed Board Governor Brainard, Atlanta Fed President Lockhart and ECB Vice President Constancio.
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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