IronFX Daily Commentary by Sakis Paraskevov _ 27/10/2015
October 27, 2015 10:19 am
Main points for Today
• Dollar weakens on disappointing housing data • US new home sales declined in September, suggesting a segment of the housing market could be cooling down.The moderation in new home sales however, is in contrast with other housing data. • Thus, the September report does little to alter our view that overall the housing market is improving. • Despite the soft data, the weakness in dollar could be attributed to some profit-taking ahead of the FOMC meeting on Wednesday . • New Zealand’s trade deficit unexpectedly larger • NZ trade deficit widened unexpectedly in September as dairy exports declined, dragging down the country’s exports, while imports remained strong across a range of categories. • As a result, the country’s trade deficit was above 1bn for the second consecutive month in September. • Investors are restrained ahead of the Reserve Bank of New Zealand (RBNZ) meeting, amid speculation that the Bank will remain on hold. Yet, an unexpected cut or a dovish tone from Gov. Wheeler could put NZD under renewed selling pressure. • Today: • UK: preliminary GDP for Q3. The forecast is for the growth to have slowed a bit, but the strong industrial production for August and retail sales for September, keep the likelihood for a positive surprise. • Eurozone: The M3 money supply for September. Not major market mover. • US: Durable goods orders for September. The focus is usually on the core figure, where a positive surprise could prove USD-positive. The preliminary Markit service-sector PMI for October and the Conference Board consumer confidence index for the same month are also coming out.
Main points for Today
• Dollar weakens on disappointing housing data
• US new home sales declined in September, suggesting a segment of the housing market could be cooling down.The moderation in new home sales however, is in contrast with other housing data.
• Thus, the September report does little to alter our view that overall the housing market is improving.
• Despite the soft data, the weakness in dollar could be attributed to some profit-taking ahead of the FOMC meeting on Wednesday .
• New Zealand’s trade deficit unexpectedly larger
• NZ trade deficit widened unexpectedly in September as dairy exports declined, dragging down the country’s exports, while imports remained strong across a range of categories.
• As a result, the country’s trade deficit was above 1bn for the second consecutive month in September.
• Investors are restrained ahead of the Reserve Bank of New Zealand (RBNZ) meeting, amid speculation that the Bank will remain on hold. Yet, an unexpected cut or a dovish tone from Gov. Wheeler could put NZD under renewed selling pressure.
• Today:
• UK: preliminary GDP for Q3. The forecast is for the growth to have slowed a bit, but the strong industrial production for August and retail sales for September, keep the likelihood for a positive surprise.
• Eurozone: The M3 money supply for September. Not major market mover.
• US: Durable goods orders for September. The focus is usually on the core figure, where a positive surprise could prove USD-positive. The preliminary Markit service-sector PMI for October and the Conference Board consumer confidence index for the same month are also coming out.
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