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During Asian session most majors pairs traded in the last days range and there is no any clear sign of change. AUDUSD is moving to new low not seen form 2009, GBPUSD is also moving to new fresh low since now at the time of writing is near the 1.4350 support area. Brent crude oil is now below 30 USD per barrel while Gold is trying to move higher.

Yesterday we had again comments from FED official James Bullard that the current economy status is changing and this is affecting the inflation expectation therefore the interest rate policy may need to be adjusted. According to a Reuters’ poll, economists are seeing only up to three rate hike by Fed this year, bringing the federal funds rate between 1.00% and 1.25% by the end of the year. As of yesterday, markets are only pricing in 41% chance of a rate hike in March. Also rumours from Japan say that BoJ could considering cutting its inflation outlook for fiscal 2016 due to the fall in energy prices

Furthermore last night we had the Australian Home Loans m/m came in at 1.8%, China M2 Money Supply y/y at 13.3 and New Loans at 598 billion. From Eurozone we had the French Gov Budget Balance at -82.2 billion.

Later on we are having the Retail Sales m/m and PPI m/m from US among other US data. While the ECOFIN Meetings today must not be ignored.

View our full economic calendar for a daily roundup of major economic events.

Data releases to monitor:

EUR:      ECOFIN Meetings

GBP:      CB Leading Index m/m

USD:      Core Retail Sales m/m, PPI m/m, Retail Sales m/m, Industrial Production m/m


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Kaif Says

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