Thursday March 16, 2017 - 08:50:55 GMT
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Forex Trading Ideas For Thursday 16 March 2017
WEEKLY Forex Economic Calendar:
16 Mar Thu
03:00 JP- BOJ Decision
08:30 CH- SNB Decision
12:00 GB- BOE Decision
13:30 US- Weekly Jobless
13:30 US- Housing Starts/Permits
17 Mar Fri
14:15 US- Industrial Production
15:00 US- Univ of Mich (prelim)
- Today still sees a Bank of England. There is chatter the BOE could start to lay the groundwork for a U.K. rate hike.
- The EUR gained late Wednesday after Dutch center-right Prime Minister Mark Rutte defeated a challenge by anti-immigration and anti-EU Geert Wilders in National elections. The results were in line with late polls and eased fears that Holland might lean towards leaving the EU.
- The Bank of Japan earlier today kept policy steady as exprcted. It noted some progress is being made on inflation. The SNB kept policy steady as expected also.
- The Fed raised its Fed Funds target by 25bps to a new range of 0.75-1.00% Wednesday afternoon. Chair Yellen's rate hike signal could not have been clearer just over a week ago. Some were disappointed that the tone of the Fed comments were not more hawkish. The current Fed goal is gradually to "normalize" monetary policy as smoothly as possible as excessive ease is gradually taken out of the system.
- As for future rate hikes, their estimates are for a Fed Funds rate at 1.40% at yearend and 2.40% at the end of 2018. That is roughly unchanged from a quarter ago. Markets are well on their way to pricing in a June rate hike.
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