It was a week dominated by ECB and NFP – ANZ

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Delhi) – Research Team at ANZ, notes down the key global data releases and their impact on the respective currency pairs.

    Key Quotes

    “The EUR soared as the ECB disappointed markets. This is despite cutting the deposit rate and extending the QE programme. November CPI saw core CPI fall below 1% and should ensure EUR remains capped – although the EU PMIs were solid overall, and other data continues to firm.

    The USD was on the back foot as markets switched attention to the pace of hikes rather than the start. The payrolls data gave USD bulls everything they needed, but they were unable to advance USD. The ISM surveys showed softening growth, while the Beige Book was a little more upbeat. Fed speakers emphasised the gradual nature of hikes.

    The NZD was boosted by stabilisation. The GDT auction and subsequent NZX price action suggested stabilisation, while the non-dairy component of the ANZ Commodity price series weakened further. The NZ Q3 terms of trade fell, but lower oil prices should help partly offset softer commodity export prices.

    The AUD found support from a stable RBA, with Q3 GDP and retail sales both above forecasts. The trade and current account deficits were wider than expected.

    China continues to stabilise with rebalancing from manufacturing to services evident in the PMIs.

    GBP was weak despite the BoE stating the financial system has moved beyond the “post crisis period” and strength in the service sector.”
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