Daily Market Brief – 30 March 2016

Yellen’s speech calms USD bulls

Quote of the day: “Go the extra mile, it’s less crowded there!”

March 22nd: Highlights

  • CPI inflation data from Germany
  • US ADP Employment Change data
  • US Crude Oil Inventories

Market Comment

She claimed that they should be cautious when hiking rates, expressing concern about low inflation, and suggesting it is still too early to tell if the increases seen in core inflation have legs – it may just be a short-term blip. Highlighting the headwinds (slowdown abroad and a stronger USD) that have the potential to slow the US recovery sent the USD lower across the board, benefitting most USD counterparts – Cable is back up over 1.44.

Yesterday, US Consumer Confidence posted 96.2, better than forecast, showing that confidence in the service sector remains strong.

Today, we have confidence data from the Eurozone, which is expected to be weaker, reflecting the ongoing slowdown. And further to digestion and discussion of Yellen’s speech, we have two major releases from the US – ADP Employment Change (pre-cursor to the Non-Farm Payrolls on Friday) and the Crude Oil Inventories, forecast to drop 7m to 2.4M barrels.

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Paul Plewman

Paul Plewman
Director of Sales & Operations
t: +44 (0) 20 7096 1036
e: paul@currencytransfer.com


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