IronFX Daily Commentary by Sakis Paraskevov | 15/08/2016
August 15, 2016 8:29 am
Japan’s GDP data disappoint but Yen still strong • Japan’s GDP came 0.0% qoq in Q2, from +0.5% qoq in Q1, missing its forecast of a slowdown to +0.2% qoq. • Weakness driven mainly by falling exports, perhaps due to the stronger yen this year. • In our view, this increases the odds for further easing by the BoJ, perhaps as early as Sept.
Dollar falls on soft retail sales data • US retail sales for Jul. came at 0.0% mom, against expectations of a +0.4% mom gain. • USD plunged on the news, but recovered against most counterparts since then.
Today: • US: Empire state manufacturing index and NAHB housing index, both for Aug.
This week: • Tuesday: RBA minutes of Aug. policy meeting. We also get CPI data for July from both the US and the UK. Also, Germany’s ZEW survey for Aug. • Wednesday: FOMC minutes of Jul. meeting. Minutes that show an optimistic Committee with regards to a near-term hike could support USD. UK’s employment report for Jun. • Thursday: Australia’s unemployment rate for Jul. and UK retail sales for Jul. A soft retail sales print could indicate that demand remained soft after the referendum and may hurt GBP. • Friday: Canada’s CPI rate for Jul. is exp. to remain unchanged.
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Japan’s GDP data disappoint but Yen still strong
• Japan’s GDP came 0.0% qoq in Q2, from +0.5% qoq in Q1, missing its forecast of a slowdown to +0.2% qoq.
• Weakness driven mainly by falling exports, perhaps due to the stronger yen this year.
• In our view, this increases the odds for further easing by the BoJ, perhaps as early as Sept.
Dollar falls on soft retail sales data
• US retail sales for Jul. came at 0.0% mom, against expectations of a +0.4% mom gain.
• USD plunged on the news, but recovered against most counterparts since then.
Today:
• US: Empire state manufacturing index and NAHB housing index, both for Aug.
This week:
• Tuesday: RBA minutes of Aug. policy meeting. We also get CPI data for July from both the US and the UK. Also, Germany’s ZEW survey for Aug.
• Wednesday: FOMC minutes of Jul. meeting. Minutes that show an optimistic Committee with regards to a near-term hike could support USD. UK’s employment report for Jun.
• Thursday: Australia’s unemployment rate for Jul. and UK retail sales for Jul. A soft retail sales print could indicate that demand remained soft after the referendum and may hurt GBP.
• Friday: Canada’s CPI rate for Jul. is exp. to remain unchanged.
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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