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Euro and Pound May Brush Off Economic Data, Yellen Due to Speak

Euro and Pound May Brush Off Economic Data, Yellen Due to Speak

2017-11-14 05:00:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • Euro and Pound may brush off seemingly high-impact economic data
  • Fed Chair Yellen may be more candid than usual in panel discussion
  • NZ Dollar sharply lower, with politics the likely culprit once again

A seemingly action-packed European data docket offers surprisingly little by way of market-moving news flow. German and Eurozone-wide GDP numbers as well as the ZEW survey of analyst confidence seem unlikely to mean much for the Euro considering an ECB policy outlook that is unlikely to change in the near to medium term after the Governing Council pre-set a path for QE at its last conclave.

UK CPI statistics may be similarly uneventful. The headline year-on-year inflation rate is seen rising to 3.1 percent – the highest in over five years – but the dovish tone emanating from the BOE even as it begrudgingly raised rates two weeks ago suggests that further tightening is not in the cards for a while yet. This implies that the British Pound probably won’t find lasting strength in a price-growth pickup.

A panel discussion featuring Fed Chair Janet Yellen as well as the heads of the BOE, ECB and BOJ might be the most noteworthy of what is on offer. She may be a bit more candid than usual now that Jerome Powell has been nominated to replace her in February. Central bank communication is the subject of the sit-down, so some insight on deciphering policy signals in recent Fed-speak may be on tap.

The New Zealand Dollar fell in otherwise quiet Asia Pacific trade. A single catalyst is not readily apparent, hinting that political fissures within the Labour-led ruling coalition might be at work. The Australian Dollar rose, shrugging off a brief pullback after disappointing Chinese economic data. The Aussie fell against nearly all of its counterparts yesterday, with today’s gains possibly corrective in that context.

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Asia Session

Euro and Pound May Brush Off Economic Data, Yellen Due to Speak

European Session

Euro and Pound May Brush Off Economic Data, Yellen Due to Speak

** All times listed in GMT. See the full DailyFX economic calendar here.

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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