IronFX Daily Commentary by Sakis Paraskevov | 13/11/2015
November 13, 2015 12:42 pm
Main points for Today
• Dollar retreats as Fed officials refrain adding new hints on Dec. rate hike • Several Bank officials spoke on Thursday and the bottom line was held unchanged, the Fed is most likely heading towards its first rate increase in almost a decade, while the ECB, is preparing more measures to boost Eurozone’s recovery. • ECB President Draghi noted that the downside risks stemming from global growth and trade are “clearly visible” underlining the Bank’s readiness to unleash further stimulus measures at its meeting next month. • On the other side of Atlantic, Fed officials refrained from saying anything new with Fed Chair Yellen not even commenting on monetary policy. • The most notable comment came from NY Fed Dudley who said that the risks of moving too quickly vs too slowly are nearly balanced, which suggests that more Fed officials are been lined up behind a December rate hike. • The market has been looking for reassurance and stronger signals that the Fed will raise rates next month. As a result, it has become more sensitive to dovish and neutral comments than hawkish remarks. • Today: • France, Germany, Italy and Eurozone: Preliminary GDP data for Q3. Investors will most likely watch the French, Italian and German data released ahead of the bloc’s figure for the overall growth outlook of Eurozone and EUR will react accordingly. • US: Retail sales for October. The headline retail sales are expected to have accelerated in October, while retail sales excluding autos and gasoline are estimated to have risen after staying unchanged in September. Further improvement in retail sales could suggest a pick-up in growth for Q4 and could strengthen the greenback further. We also get the PPI data for October. The preliminary U of M consumer sentiment index for November is also coming out along with the surveys of 1-year and 5-to-10 year inflation expectations. • Speakers: ECB Vice-President Vitor Constancio, ECB executive Board member Yves Mersch, and Cleveland Fed President Loretta Mester speak.
Main points for Today
• Dollar retreats as Fed officials refrain adding new hints on Dec. rate hike
• Several Bank officials spoke on Thursday and the bottom line was held unchanged, the Fed is most likely heading towards its first rate increase in almost a decade, while the ECB, is preparing more measures to boost Eurozone’s recovery.
• ECB President Draghi noted that the downside risks stemming from global growth and trade are “clearly visible” underlining the Bank’s readiness to unleash further stimulus measures at its meeting next month.
• On the other side of Atlantic, Fed officials refrained from saying anything new with Fed Chair Yellen not even commenting on monetary policy.
• The most notable comment came from NY Fed Dudley who said that the risks of moving too quickly vs too slowly are nearly balanced, which suggests that more Fed officials are been lined up behind a December rate hike.
• The market has been looking for reassurance and stronger signals that the Fed will raise rates next month. As a result, it has become more sensitive to dovish and neutral comments than hawkish remarks.
• Today:
• France, Germany, Italy and Eurozone: Preliminary GDP data for Q3. Investors will most likely watch the French, Italian and German data released ahead of the bloc’s figure for the overall growth outlook of Eurozone and EUR will react accordingly.
• US: Retail sales for October. The headline retail sales are expected to have accelerated in October, while retail sales excluding autos and gasoline are estimated to have risen after staying unchanged in September. Further improvement in retail sales could suggest a pick-up in growth for Q4 and could strengthen the greenback further. We also get the PPI data for October. The preliminary U of M consumer sentiment index for November is also coming out along with the surveys of 1-year and 5-to-10 year inflation expectations.
• Speakers: ECB Vice-President Vitor Constancio, ECB executive Board member Yves Mersch, and Cleveland Fed President Loretta Mester speak.
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