Sterling retreating after doubts for rate hike in May | 20/04/18

[IronFX The Global Leader in Online Trading]( 20th April 2018 [start trading]( [open demo account]( All trading involves risk. It is possible to lose all your capital. Main Points of Today Sterling retreating after doubts for rate hike in May - The pound retreated yesterday after BoE governor Mark Carney shed doubts about a much anticipated rate hike in May. - Carney’s comment that there are also “other meetings” this year, completed the puzzle of bad UK financial data releases over the past three days relating to inflation, employment and retail sales. - The market reacted negatively to the comments and cable dropped by some 100 pips. - On other news the EU seems to be rejecting a possible UK solution to the Irish border issue and the UK government auditor predicted that the Brexit bill could be exceeded by some 35-39 Billion pounds, both deepening political uncertainty. - Should there be further negative headlines about the BoE May rate hike or Brexit we could see the pound weakening even further. Progress for NAFTA - Canadian foreign minister stated that there was good progress on NAFTA key issues. - The progress seems to be related to the issue of car making and what constitutes an American car. - All sides seem to push for a new NAFTA agreement before July 1st in order to avoid clashing with Mexican elections, and timeframes such as mid to end May for an acceptable agreement could be feasible. - Any further positive headlines regarding NAFTA could support CAD. Today’s other economic highlights - Germany: PPI for March, Survey: +0.2% mom Prior: -0.1% mom, 06:00 (GMT), could strengthen the EUR - Canada: CPI for March, Survey:+2.4% yoy Prior:+2.2% yoy, 12:30 (GMT), could strengthen CAD Core BoC CPI for March, Survey:+1.5% yoy, Prior: +1.5% yoy, 12:30 (GMT), could strengthen CAD Retail Sales for March, Survey: +0.3% mom, Prior: +0.3% mom, 12:30 (GMT), neutral for CAD Core Retail Sales for March, Survey: +0.3% mom, Prior: +0.9% mom, 12:30 (GMT), could weaken the CAD - Eurozone: Preliminary Consumer Confidence for April, Survey: -0.20 Prior:+0.10, 14:00 (GMT), could weaken EUR - US: Baker Hughes Oil Rig Count, Survey: N/A, Prior: 815, 17:00 (GMT), any reading below 815 could weaken Oil Prices - Speakers: BoE MPC member Saunders (09:30, GMT), German BuBa President Weidmann (11:30, GMT), Chicago Fed President Evans (13:40, GMT), Riksbank Governor Ingves (15:00,GMT) and FOMC member Williams (15:15, GMT) speak. [Download full report]( THE MARKET USD/CAD [Image title] - Support: 1.2610 (S1), 1.2485 (S2), 1.2395 (S3) - Resistance: 1.2715 (R1), 1.2800 (R2), 1.2860 (R3) GBP/USD [Image title] - Support: 1.3980(S1), 1.3912(S2), 1.3836(S3) - Resistance: 1.4095(R1), 1.4168(R2), 1.4345(R3) [View all Market insights]( [View IronFX Week Ahead report]( Economic Calendar Prepared by: Peter Iosif [Facebook]( [Linkedin]( [Instagram]( [Twitter]( [Google+]( [YouTube]( - Tel: +44 (0) 20 3282 7777 - Email: support@ironfx.com Disclaimer: This information is not considered as investment advice or investment recommendation but instead a marketing communication. High Risk Trading Warning: Our services include products that are traded on margin and carry a risk of losing all your initial deposit. Before deciding to trade on margin products offered by IronFX you should consider your investment objectives, risk tolerance and your level of experience on these products. 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