IronFX Daily Commentary by Sakis Paraskevov | 15/10/2015
October 15, 2015 8:59 am
Main points for Today
• Dollar struggles as weak US data scale back rate hike expectations • Retail sales for September disappointed, while PPI fell more than expected, raising doubts about whether the Fed will raise interest rates this year. • The weak reports on Wednesday were the latest suggestion that the US economy is losing momentum in the face of slowing global growth. • Investors will focus today on the US headline and core CPI rates for September. These figures are going to get more attention than usual from investors, as it could help them to re-price rate hike expectations. • The headline figure is expected to fall into deflation, while the core rate is forecast to remain unchanged from the month before. The dip into deflation could weaken USD further. • Fed’s Beige Book showed that the US economy continues “modest expansion” at the end of Q3 • Two weeks before the October FOMC meeting, the Beige Book indicated some slowdown in the economy. Strong USD restrained activity in the manufacturing, tourism and energy. • Today: • Sweden: Sweden’s official unemployment rate for September. The PES unemployment rate declined on Monday, which increases the likelihood that the official rate could decline as well. • US: Besides the CPI data, the Empire State manufacturing index is expected to show that business conditions for NY manufacturers have deteriorated in October. Initial jobless claims and the Philadelphia Fed Business activity index for October are also coming out. • Speakers: ECB Governing Council member Ewald Nowotny, Norges Bank Governor Oeystein Olsen, St. Louis President James Bullard, New York Fed President William Dudley and Cleveland Fed President Loretta Mester speak.
Main points for Today
• Dollar struggles as weak US data scale back rate hike expectations
• Retail sales for September disappointed, while PPI fell more than expected, raising doubts about whether the Fed will raise interest rates this year.
• The weak reports on Wednesday were the latest suggestion that the US economy is losing momentum in the face of slowing global growth.
• Investors will focus today on the US headline and core CPI rates for September. These figures are going to get more attention than usual from investors, as it could help them to re-price rate hike expectations.
• The headline figure is expected to fall into deflation, while the core rate is forecast to remain unchanged from the month before. The dip into deflation could weaken USD further.
• Fed’s Beige Book showed that the US economy continues “modest expansion” at the end of Q3
• Two weeks before the October FOMC meeting, the Beige Book indicated some slowdown in the economy. Strong USD restrained activity in the manufacturing, tourism and energy.
• Today:
• Sweden: Sweden’s official unemployment rate for September. The PES unemployment rate declined on Monday, which increases the likelihood that the official rate could decline as well.
• US: Besides the CPI data, the Empire State manufacturing index is expected to show that business conditions for NY manufacturers have deteriorated in October. Initial jobless claims and the Philadelphia Fed Business activity index for October are also coming out.
• Speakers: ECB Governing Council member Ewald Nowotny, Norges Bank Governor Oeystein Olsen, St. Louis President James Bullard, New York Fed President William Dudley and Cleveland Fed President Loretta Mester speak.
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