IronFX Daily Commentary by Sakis Paraskevov | 20/10/2015
October 20, 2015 9:02 am
Main points for Today
• RBA minutes offered no hints for further action this year • The minutes showed that the Bank saw further evidence of rebalancing from the resources sector towards non-mining activity. • The labor market conditions had also improved with forward-looking indicators generally been consistent with the unemployment rate being around its current level or possibly slightly lower in the months ahead. • The minutes offered no hints on the prospect of a further cut this year. Though there has been speculation that the Bank could act as early as its November meeting. • Canada’s Liberal Party has decisively won parliamentary elections • CAD weakened after the first polls were projecting Liberal majority government, mainly due to uncertainty about how the fiscal is going to look like. • Liberal’s plan is to stimulate the economy with deficit spending while increasing taxes on top earners and cutting them for the middle class. • Today: • Germany: PPI data for September. Following Eurozone’s dip back into deflation in September, further decline in Germany’s PPI rate could prove EUR-negative. • Eurozone: Current account balance for August. Usually not major market mover. • US: Housing starts and building permits for September. These data are likely to confirm the overall strength in the housing sector and could support the dollar. • Speakers: BoE Governor Mark Carney and Deputy Governor Andrew Baily appear before the Treasury Committee, while the BoE MPC member Ian McCafferty speaks at Bloomberg. In the US, Fed Chair Janet Yellen gives welcome remarks at a Labor Hall of Honor induction ceremony. New York Fed President William Dudley and Fed Governor Jerome Powell also speak.
Main points for Today
• RBA minutes offered no hints for further action this year
• The minutes showed that the Bank saw further evidence of rebalancing from the resources sector towards non-mining activity.
• The labor market conditions had also improved with forward-looking indicators generally been consistent with the unemployment rate being around its current level or possibly slightly lower in the months ahead.
• The minutes offered no hints on the prospect of a further cut this year. Though there has been speculation that the Bank could act as early as its November meeting.
• Canada’s Liberal Party has decisively won parliamentary elections
• CAD weakened after the first polls were projecting Liberal majority government, mainly due to uncertainty about how the fiscal is going to look like.
• Liberal’s plan is to stimulate the economy with deficit spending while increasing taxes on top earners and cutting them for the middle class.
• Today:
• Germany: PPI data for September. Following Eurozone’s dip back into deflation in September, further decline in Germany’s PPI rate could prove EUR-negative.
• Eurozone: Current account balance for August. Usually not major market mover.
• US: Housing starts and building permits for September. These data are likely to confirm the overall strength in the housing sector and could support the dollar.
• Speakers: BoE Governor Mark Carney and Deputy Governor Andrew Baily appear before the Treasury Committee, while the BoE MPC member Ian McCafferty speaks at Bloomberg. In the US, Fed Chair Janet Yellen gives welcome remarks at a Labor Hall of Honor induction ceremony. New York Fed President William Dudley and Fed Governor Jerome Powell also speak.
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