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Germany to shrink the most since financial crisis as the legal battle continues – Forex News Preview

Posted on May 12, 2020 at 2:14 pm GMT

Germany will publish its preliminary GDP growth readings for the first quarter on Friday at 06:00 GMT. Although the Eurozone’s initial estimates have already revealed a 3.8% contraction for the aforementioned period, markets could still pay some attention to the German numbers as a concerning report out of the largest EU economy could calm Berlin’s skeptical response to the EU’s coronavirus stimulus policies that are so desperately needed by the most-infected member states. Political diversity is the main headwind in [..]

UK economy set for big contraction as Johnson’s lockdown policy descends into chaos – Forex News Preview

Posted on May 12, 2020 at 10:28 am GMT

It will be the UK’s turn next to post dire economic output figures as the coronavirus leaves no country spared. First quarter GDP estimates are due on Wednesday (06:00 GMT) and they will likely only be a taste of what to expect in the second quarter. With Britain resisting the urge to relax social distancing measures too significantly, the economic costs of containing the virus outbreak are mounting, clouding the outlook for the pound. Q1 GDP drop just the beginning [..]

RBNZ: Opening the QE floodgates wider – Forex News Preview

Posted on May 11, 2020 at 2:55 pm GMT

The Reserve Bank of New Zealand will wrap up its policy meeting at 02:00 GMT Wednesday, and recent developments suggest that more stimulus is needed. A rate cut is probably off the cards for now, so the central bank is more likely to expand its QE program instead. As for the kiwi, its reaction may depend mainly on how open policymakers appear about cutting rates again in the future. In this sense, the risks surrounding the currency seem asymmetric and [..]

Week Ahead – RBNZ may increase QE; Aussie, UK and US data to deepen that sinking feeling

Posted on May 8, 2020 at 9:48 am GMT

There can be no hiding from the awful economic data that is now pouring in from all angles as we move well into the second quarter. Australian jobs, UK Q1 GDP, and US retail sales and inflation numbers will be the next key releases to showcase the virus turmoil. But amid growing optimism about the pandemic easing, the Reserve Bank of New Zealand will likely err on the side of caution at its policy meeting, posing a downside risk for [..]

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Canada’s jobless rate to skyrocket; may fuel negative rate speculation – Forex News Preview

Posted on May 7, 2020 at 5:52 am GMT

Employment numbers for April are due out of Canada on Friday (12:30 GMT) but as far as jobs reports go, this will be one that nobody will be looking forward to. Canada has been no exception in the global pandemic of the coronavirus and after losing one million jobs in March, the employment picture is about to get much worse. But as the economy faces a once in a generation crisis, the Bank of Canada’s newly appointed governor is causing [..]

BoE policy meeting: Quarterly forecasts could steal the limelight – Forex News Preview

Posted on May 6, 2020 at 2:04 pm GMT

The Bank of England’s new governor Andrew Bailey will brief markets about the central bank’s policy decision and announce his first quarterly economic projections on Thursday at 06:00 GMT, earlier than the usual timing in order to comment on the interim Financial Stability report as well. Having deployed big stimulus firepower in previous meetings, the bank could stand pat this week, with markets turning attention to growth forecasts after warnings of a painful contraction in Q2. A speech by the [..]

Worst nonfarm payrolls ever? – Forex News Preview

Posted on May 6, 2020 at 1:10 pm GMT

The US employment report for April will hit the markets at 12:30 GMT on Friday and will reveal just how much economic damage the pandemic has inflicted on the American economy. Forecasts point to a breath-taking 21.8 million job losses, which would push the unemployment rate up to a staggering 16%. As for the dollar, economic data have little impact nowadays, so its near-term direction may depend on risk appetite. Overall, it’s still difficult to envision any real weakness in [..]

RBA to keep policy unchanged but forecasts may rattle aussie – Forex News Preview

Posted on May 4, 2020 at 12:12 pm GMT

The Reserve Bank of Australia will announce its latest policy decision on Tuesday (4:30 GMT) and is not anticipated to make any changes to the cash rate or its quantitative easing (QE) program. But as one of the newest members to the QE club, the RBA may also be the first to exit its emergency programs as the virus is brought under control in Australia and the Bank has had to make less purchases lately to keep the target on [..]

Week Ahead – Nonfarm payrolls: The market’s trial by fire?

Posted on April 30, 2020 at 2:12 pm GMT

The serenity that has encompassed global markets lately will be put to the test next week, when America’s nonfarm payrolls data reveal how much destruction the pandemic has left in its wake. The Bank of England and the Reserve Bank of Australia are unlikely to deliver anything new at their meetings, though both will likely maintain a very dovish tone. Overall, the recent flood of liquidity and stimulus has helped stabilize markets, but ultimately, the V-shaped recovery that is now [..]

Eurozone GDP set to shrink, pile pressure on ECB as EU dithers on virus aid – Forex News Preview

Posted on April 28, 2020 at 1:59 pm GMT

With Europe’s biggest economies shutting down in March as the coronavirus wreaked havoc across the continent, no one is expecting the Eurozone’s first quarter GDP estimate due on Thursday (09:00 GMT) to be anything but abysmal. But just as in previous crises, it is the European Central Bank that has been first to come to the rescue and with European Union leaders still bickering over the details of a virus recovery fund, it will be up to Lagarde and her [..]

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