Morning Update 09/02/16 by Michaela Jacarinni
February 9, 2016Good morning!
This week the major Asian countries are on holiday because of the Lunar New Year which has resulted in slightly less volatility in the market.
On Friday the US Non Farm Payrolls came in negative at 151K compared to the expected 190K, however the unemployment rate came in positive at 4.9% compared to the expected 5%. On this occasion, the employment rate change had more of an affect than the payrolls as EURUSD first rallied up to 1.1247 however then came back down and hit a low of 1.1108. This figure along with economic data for February and March could pave the way for the possibility of a rate hike in March or not. Janet Yellen speaks twice this week so it will be interesting to see what she says and the way she says it.
Important news to look out for this week:
1. Wednesday:
– GBP Manufacturing Production (MoM) (Dec)
– USD Fed Chair Yellen Testifies
– USD Crude Oil Inventories
2. Thursday:
– USD Fed Chair Yellen Testifies
3. Friday:
– EUR German GDP (QoQ) (Q4)
– USD Core Retail Sales (MoM) (Jan)
– USD Retail Sales (MoM) (Jan)
Good luck!
