28 Apr 2015
Key events for the day ahead; pre-FOMC positioning - Rabobank
FXStreet (Guatemala) - Analysts at Rabobank noted the key events ahead for the day and the disappointments to markets in this morning’s speech from RBA Governor Stevens that had no mention of monetary policy.
Key Quotes:
"...but expectations of a May Aussie rate cut are still being scaled back by the market."
"From an economic perspective there’s no real new argument as to why that should be the case (indeed, the underlying cause of the ‘PBOC QE’ rumour underlines how Aussie “mine craft” will continue to suffer ahead); however, perhaps the market is coming to understand how little “craft” the RBA is displaying on the policy front."
"Next up we have the first look at Q1 GDP from the UK, where consensus is 0.5% QoQ and 2.6% YoY, down from 0.6% and 3.0% in Q4 2014."
"In the US we have S&P/CS property prices, seen up 0.7% MoM and 4.7% YoY, and consumer confidence, expected to rise from 101.3 to 102.2."
"The ECB’s Weidmann also speaks late in the session, while the FOMC begin their two-day meeting."
"Overall today looks to be dominated by pre-FOMC (and pre-PBOC?) positioning."
Key Quotes:
"...but expectations of a May Aussie rate cut are still being scaled back by the market."
"From an economic perspective there’s no real new argument as to why that should be the case (indeed, the underlying cause of the ‘PBOC QE’ rumour underlines how Aussie “mine craft” will continue to suffer ahead); however, perhaps the market is coming to understand how little “craft” the RBA is displaying on the policy front."
"Next up we have the first look at Q1 GDP from the UK, where consensus is 0.5% QoQ and 2.6% YoY, down from 0.6% and 3.0% in Q4 2014."
"In the US we have S&P/CS property prices, seen up 0.7% MoM and 4.7% YoY, and consumer confidence, expected to rise from 101.3 to 102.2."
"The ECB’s Weidmann also speaks late in the session, while the FOMC begin their two-day meeting."
"Overall today looks to be dominated by pre-FOMC (and pre-PBOC?) positioning."