Market Review for January 28, 2016
Last night FED announced that the interest rate will remain unchanged at 0.5% as widely expected. In the statement that followed it was given emphasis on the fact that FED will closely monitor the global economic and financial developments and is assessing their implications for the labour market and inflation, and for the balance of risks to the outlook. On the same time FED is still forecasting that the economy will expand at a moderate pace and labour market indicators will continue to strengthen. A rate hike on March is moving away and the FED now seems to be more worried on the global developments nevertheless US data are also monitored.
RBNZ left the official cash rate unchanged at 2.50%. and warned that further policy easing may be required over the coming year to ensure that future average inflation settles near the middle of the target range. Warnings were given similar like FED by RNNZ that about slowdown in the global economy.
In regards to the economic releases we had so far the Japan’ s Retail Sales y/y came in at -1.1% worse than expectation of 0.1%. Australian Import Prices q/q came in at 0.3%. From Germany we had Import Prices m/m at -1.2% and Prelim CPI m/m, Spanish Unemployment Rate announced at 20.9% the lowest level in the last five years. The UK Prelim GDP q/q and Index of Services 3m/3m came in as expected at 0.5% and 0.6% respectively.
Later on during early US session the Durable goods Orders data and Unemployment Claims will caused volatility.
View our full economic calendar for a daily roundup of major economic events.
Data releases to monitor:
EUR: Italian 10-y Bond Auction
GBP: CBI Realized Sales
USD: Core Durable Goods Orders m/m, Unemployment Claims, Durable Goods Orders m/m
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