IronFX Daily Commentary by Sakis Paraskevov | 15/01/2016
January 15, 2016 9:18 am
Main points for Today
BoJ’s Kuroda: Inflation will steadily head towards the target • BoJ Governor Kuroda reiterated that the country’s underlying price trend is steadily improving towards the Bank’s target and blamed once again the fall in oil prices for the low level of inflation. • What’s more, he said that there is no need for the Bank to ease policy further, but the central bank stands ready to adjust policy if needed. • In a relatively quiet overnight session, most major currencies remained within a tight range, close to unchanged since the US close. • With not much on the calendar during the European day, the market will most likely be flow driven with some profit-taking in the final day of the week.
Today: • Norway: Trade balance for December. • US: The main event will the US retail sales for December. The forecast is for a flat reading, but given that the Beige book reported moderate increases in consumer spending and since energy prices continued to fall throughout the month, we see a possibility for a higher-than-expected reading. This could support USD a bit. Also, the PPI rate is expected to have fallen in December, while the core PPI rate is expected to have slowed. Industrial production is expected to have fallen in December. The Empire State manufacturing index and the preliminary U o M consumer sentiment, both for January, are coming out as well. • Speakers: New York Fed President William Dudley and Dallas Fed President Robert Kaplan speak.
Main points for Today
BoJ’s Kuroda: Inflation will steadily head towards the target
• BoJ Governor Kuroda reiterated that the country’s underlying price trend is steadily improving towards the Bank’s target and blamed once again the fall in oil prices for the low level of inflation.
• What’s more, he said that there is no need for the Bank to ease policy further, but the central bank stands ready to adjust policy if needed.
• In a relatively quiet overnight session, most major currencies remained within a tight range, close to unchanged since the US close.
• With not much on the calendar during the European day, the market will most likely be flow driven with some profit-taking in the final day of the week.
Today:
• Norway: Trade balance for December.
• US: The main event will the US retail sales for December. The forecast is for a flat reading, but given that the Beige book reported moderate increases in consumer spending and since energy prices continued to fall throughout the month, we see a possibility for a higher-than-expected reading. This could support USD a bit. Also, the PPI rate is expected to have fallen in December, while the core PPI rate is expected to have slowed. Industrial production is expected to have fallen in December. The Empire State manufacturing index and the preliminary U o M consumer sentiment, both for January, are coming out as well.
• Speakers: New York Fed President William Dudley and Dallas Fed President Robert Kaplan speak.
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