26 Mar 2015
Key events for the day – Rabobank
FXStreet (Barcelona) - The Rabobank Team previews the key events and data releases for the day.
Key Quotes
“It’s even more unclear than usual what curve-balls the market will throw at us today thanks to the volatility in oil. However, we have the Fed’s Bullard and Lockhart on the US economy and monetary policy again, which may give yields and USD a lift.”
“There is also Eurozone M3, seen heading up to 4.3% YoY. Given the monetarist-leaning ECB targets 4.5%, and thinks GDP growth is picking up, and that inflation will rebound, one again has to wonder why ECB QE is proceeding (and then one looks at EUR/USD over the last 12 months and remembers).”
“In the UK we have retail sales data, expected 0.4% MoM and a decent 4.2% YoY, which might boost GBP; the CBI release their version of retail sales data slightly later.”
“In Europe again, the ECB’s Draghi addresses an Italian parliamentary committee: the Greeks (ironically celebrating Independence Day) will also be listening for any indirect messages for them, with the fiscal noose continuing to tighten as their requests for EUR1.2bn in funds are rebuffed.”
“In the US there is the Markit services PMI. Given the Markit manufacturing series was totally out of line with factory orders, durable goods, and the Atlanta Fed, and that services are notoriously hard to measure, we might get a very strong reading here, further muddying the waters.”
Key Quotes
“It’s even more unclear than usual what curve-balls the market will throw at us today thanks to the volatility in oil. However, we have the Fed’s Bullard and Lockhart on the US economy and monetary policy again, which may give yields and USD a lift.”
“There is also Eurozone M3, seen heading up to 4.3% YoY. Given the monetarist-leaning ECB targets 4.5%, and thinks GDP growth is picking up, and that inflation will rebound, one again has to wonder why ECB QE is proceeding (and then one looks at EUR/USD over the last 12 months and remembers).”
“In the UK we have retail sales data, expected 0.4% MoM and a decent 4.2% YoY, which might boost GBP; the CBI release their version of retail sales data slightly later.”
“In Europe again, the ECB’s Draghi addresses an Italian parliamentary committee: the Greeks (ironically celebrating Independence Day) will also be listening for any indirect messages for them, with the fiscal noose continuing to tighten as their requests for EUR1.2bn in funds are rebuffed.”
“In the US there is the Markit services PMI. Given the Markit manufacturing series was totally out of line with factory orders, durable goods, and the Atlanta Fed, and that services are notoriously hard to measure, we might get a very strong reading here, further muddying the waters.”