Daily Forex Brief (2015.05.24)

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Daily Forex Brief – It’s the Aussie and euro feeling the pressure at the start of the European session and for very different reasons. The Aussie has reacted to comments from RBA Governor Stevens, where he talked in more detail about the continued low inflation outlook, with indications that he expects this to persistent for foreseeable future. This has given some life to expectations of further rate cuts, hence the push towards the 0.7060 level as we enter the European session. Meanwhile, the euro appears to be finding the going tougher as the dollar becomes more confident regarding the prospects of a tightening of rates as early as June. Furthermore, ahead of the main G7 meeting later this week, investors are becoming more cautious of going long the yen vs. the USD, even though the indications from this weekend’s meeting of finance ministers and central bank governors suggested there was a wide gap between the US and Japan on the appropriate response.

With less than a month go to until the EU referendum in the UK, BoE Governor Mark Carney appears before the UK Parliamentary Treasury Committee today. He’s been in some hot water in recent weeks for appearing to favour remaining in the EU, which does not fit with the Bank’s remit of independence and impartiality. Expect him to have a tough time of it. Meanwhile, the currency appears to be gaining more confidence that the result will be a win for the ‘remain’ camp, but the result is far from a done deal at this point in time. As such, we’re likely to see sterling continuing to take greater notice of polls in the coming days.

 

Today’s important market newsTime: GMT
208:30Public Sector Net Borrowing
209:00ZEW Survey – Current Situation
209:00ZEW Survey – Economic Sentiment
309:00Inflation Report Hearings
209:00ZEW Survey – Economic Sentiment
212:00Eurogroup meeting
212:00EU Financial Stability Review
214:00New Home Sales (MoM)
214:00New Home Sales Change (MoM)
222:45Trade Balance (MoM)
222:45Exports
222:45Trade Balance (YoY)
222:45Imports

 

 

Source: Fxpro Forex Broker (Review and Forex Rebates Up to 85%)


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