IronFX Daily Commentary by Sakis Paraskevov | 05/02/2016
February 5, 2016 10:01 am
BoE unanimously on hold • Policy unchanged, votes shift to 9-0. Inflation Report: Downward revisions in GDP and inflation. • On the positive side, they reiterated that the next move in rates will be a hike.
Overnight: RBA upbeat despite global risks • RBA quarterly updated forecasts: GDP growth unchanged, while inflation is exp. a bit lower. • They noted that if we see a sharp slowdown in China, a further depreciation of AUD would help.
Highlight of the day: US employment report for January • NFP is exp. 190k vs prev. 292k, the unemployment rate is exp. to remain unchanged and average hourly earnings are exp. to accelerate. • A solid report is needed for the USD to recover some of its recent losses.
Today: • Germany: Factory orders for Dec. are exp. to fall. This could prove EUR-negative. • Sweden: Industrial production for Dec. is exp. to slow down. • Norway: Manufacturing production for Dec. is exp. to fall. • Canada: Unemployment rate for Jan. is exp. to remain unchanged. Also, Ivey PMI for Jan. and trade balance for Dec. • Speakers: ECB Vice President Vitor Constancio.
BoE unanimously on hold
• Policy unchanged, votes shift to 9-0. Inflation Report: Downward revisions in GDP and inflation.
• On the positive side, they reiterated that the next move in rates will be a hike.
Overnight: RBA upbeat despite global risks
• RBA quarterly updated forecasts: GDP growth unchanged, while inflation is exp. a bit lower.
• They noted that if we see a sharp slowdown in China, a further depreciation of AUD would help.
Highlight of the day: US employment report for January
• NFP is exp. 190k vs prev. 292k, the unemployment rate is exp. to remain unchanged and average hourly earnings are exp. to accelerate.
• A solid report is needed for the USD to recover some of its recent losses.
Today:
• Germany: Factory orders for Dec. are exp. to fall. This could prove EUR-negative.
• Sweden: Industrial production for Dec. is exp. to slow down.
• Norway: Manufacturing production for Dec. is exp. to fall.
• Canada: Unemployment rate for Jan. is exp. to remain unchanged. Also, Ivey PMI for Jan. and trade balance for Dec.
• Speakers: ECB Vice President Vitor Constancio.
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