Nick Batsford, CEO of Tip TV, was joined by James Hughes, Chief Market Commentator for eToro, on the Tip TV Finance Show to discuss the US and UK GDP figures, as well as the outlook for a Fed rate hike and the Gold/CHF.
Fed rate hike to be pushed into 2016
Hughes outlined that UK GDP came in this morning at 0.5%, and this led Hughes to note the US GDP figure and the FOMC meeting, where he concluded that a weak US GDP number will result in a Fed interest rate hike being pushed further into the future. As well as the FOMC meeting this week, there are many big companies reporting including Apple, and Hughes believed strong earnings from here until the end of the reporting season will result in the divergence between indices and stocks narrowing. He finished by commenting that we may get some clarity from the combination of a weak US GDP number and FOMC meeting that there will be no interest rate hike in the US this year.
CHF under pressure, all eyes on US durable goods report
Batsford highlighted FX Street, who noted that the Gold/CHF shows an inverted head and shoulders breakout, which means an upside move of CHF 90 is possible as the present scenario presents an opportunity for more SNB action. They continued that a negative US durable good figure may weaken the USD and only add to the pressure on other central banks to ease their monetary policy further. As well as this, a weak number may also result in Fed March rate hike bets falling.
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