IronFX Daily Commentary by Sakis Paraskevov | 29/07/2016
July 29, 2016 8:12 am
BoJ disappoints with only a modest stimulus dose • The BoJ raised its ETF purchases to 6 tln JPY from 3.3 tln prev. but kept interest rates and the size of its QQE program unchanged. • This disappointed investors who expected much more aggressive easing, causing JPY to recover some of its losses from the past weeks. • Given the disappointing measures, JPY may remain under buying interest for a while.
Today: • France: Prel. GDP for Q2 is exp. to have slowed. • Sweden: GDP for Q2 is exp. to have accelerated. This could support SEK. • Norway: Official & AKU unemployment rates, for Jul. and May respectively. Both are exp. to rise. Retail sales for Jun. are exp. to fall. These could hurt NOK. • Eurozone: Prel. CPI rate for Jul. is exp. to remain unchanged, but we see some upside risks to the forecast. If it rises, EUR could gain. Also, ECB announces the results of the 2016 Bank stress tests. These could affect investors’ sentiment. • US: 1st estimate of Q2 GDP is exp. to have accelerated notably. This could prove USD-positive. Also, Chicago PMI for Jul. and U of M index for Jul.
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BoJ disappoints with only a modest stimulus dose
• The BoJ raised its ETF purchases to 6 tln JPY from 3.3 tln prev. but kept interest rates and the size of its QQE program unchanged.
• This disappointed investors who expected much more aggressive easing, causing JPY to recover some of its losses from the past weeks.
• Given the disappointing measures, JPY may remain under buying interest for a while.
Today:
• France: Prel. GDP for Q2 is exp. to have slowed.
• Sweden: GDP for Q2 is exp. to have accelerated. This could support SEK.
• Norway: Official & AKU unemployment rates, for Jul. and May respectively. Both are exp. to rise. Retail sales for Jun. are exp. to fall. These could hurt NOK.
• Eurozone: Prel. CPI rate for Jul. is exp. to remain unchanged, but we see some upside risks to the forecast. If it rises, EUR could gain. Also, ECB announces the results of the 2016 Bank stress tests. These could affect investors’ sentiment.
• US: 1st estimate of Q2 GDP is exp. to have accelerated notably. This could prove USD-positive. Also, Chicago PMI for Jul. and U of M index for Jul.
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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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