Market Review for January 26, 2016
The Forex majors is still moving in the last week range and investors are waiting the FED meeting in order to clear the rate increase path. Nonetheless the global stock indices are trading lower and crude oil in again under 30 USD the upcoming central banks meeting will be interesting.
Yesterday ECB Draghi commented about ECB credibility. He said that if a central bank sets an objective, it can’t just move the goalposts when it misses it and also that inflation is already low for some time, there is a danger that a continued period of low inflation even if oil-driven might destabilize inflation expectations and become persistent. Remember that Draghi said in the post meeting press conference that the central bank will review and possibly reconsider monetary policy.
Among the highlights of the day would be the BOE governor Carney speech. The recent comments of BoE policy maker Kristin Forbes that now is not the time for an increase in interest rates, as she admits that many of the forecasting models used by policymakers have not been working very well and investors worried if this will make Carney to hint who aggressive BOE will be?
On date front today we had so fat the Japan’s SPPIy/y at 0.4%, the New Zealand’s Credit Card Spending y/y at 7.4% and the Swiss Trade Balance at 2.54 billion worse than the 3.33 billion estimated. During the US session we expected the US CB Consumer Confidence at 96.6.
View our full economic calendar for a daily roundup of major economic events.
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