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The day ahead and key events - Rabobank

FXStreet (Guatemala) - Analysts at Rabobank highlight the up and coming key events from global markets in the FX space.

Key Quotes:

“We start with Aussie labour force numbers today. The unemployment rate is seen unchanged at 6.0% and 13.2K jobs are expected to have been added, down from 15.9K last month. That would be a “steady as she goes” report that would help keep the RBA from making any decisions of its own for a while yet – but a much stronger or weaker number may nudge the market into trying to second-guess the Bank’s ultimate destination when they do eventually move again”.

“Germany sees industrial production data today too, seen up 1.2% MoM and 0.3% YoY, but risks may be to the downside after the factory orders data, which will increase Euro-gloom if so”.

“Then we turn to the BOE. The Bank will leave rates on hold, and given we don’t get a statement, that will be that. We know that they are edging closer to a rate hike, especially after Halifax housing data was again incredibly strong yesterday (though industrial production was weaker than expected, the all-too familiar UK pattern). However, it seems unlikely that this is actually going to happen for a few more months yet, especially with rising uncertainty over the geopolitical backdrop”.

“We then shift to the ECB. Again, there is little expectation of any actual action here, or a “Q-ECB” announcement, so the focus will be much more on Draghi’s press conference: there may be uncomfortable questions about banking problems in Portugal, that recent weak German and Italian data, as well as the Ukraine issue, for him to deal with”.

“The US also has consumer credit numbers, which may give further colour on how optimistic shoppers actually are at the tills: there have been small signs of a pick-up in credit card debt recently for the first time since before the last recession”.

USD/JPY holding onto the 102 in the open

USD/JPY is trading at 102.06, down -0.04% on the day, having posted a daily high at 102.17 and low at 102.03.
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