IronFX Daily Commentary by Sakis Paraskevov | 10/02/2016
February 10, 2016 9:29 am
Markets await for Yellen’s testimony • Fed Chair Yellen will testify to Congress on monetary policy. • She may keep a balanced stance by acknowledging increased global risks but stress the strength of the US job market. • Any comments in the speech or Q&A session that wipe out surviving hopes for a March hike, could prove USD-negative.
Yen strength persists as Nikkei extends losses • The Nikkei extended yesterday’s losses, down 2.3% due to concerns about the health of the global banking sector. • The Yen held on to its recent gains. But, if the currency’s strength persists we could see BoJ officials talk-down the currency.
Today: • France: IP is exp. to have risen in Dec. after falling the previous month. • Norway: The CPI for Jan. is exp. to have accelerated and come in line with Norges Bank target. This may prove NOK-positive. • UK: IP is exp. to have fallen in Dec. but at a slower pace. • Speakers: Besides Fed Chair Yellen, we have San Francisco Fed President John Williams and ECB Executive Board member Peter Praet.
Markets await for Yellen’s testimony
• Fed Chair Yellen will testify to Congress on monetary policy.
• She may keep a balanced stance by acknowledging increased global risks but stress the strength of the US job market.
• Any comments in the speech or Q&A session that wipe out surviving hopes for a March hike, could prove USD-negative.
Yen strength persists as Nikkei extends losses
• The Nikkei extended yesterday’s losses, down 2.3% due to concerns about the health of the global banking sector.
• The Yen held on to its recent gains. But, if the currency’s strength persists we could see BoJ officials talk-down the currency.
Today:
• France: IP is exp. to have risen in Dec. after falling the previous month.
• Norway: The CPI for Jan. is exp. to have accelerated and come in line with Norges Bank target. This may prove NOK-positive.
• UK: IP is exp. to have fallen in Dec. but at a slower pace.
• Speakers: Besides Fed Chair Yellen, we have San Francisco Fed President John Williams and ECB Executive Board member Peter Praet.
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