Daily Alert: Friday 18th November 2016

Mark NugentDaily Alert, Nov 2016

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Forex Analysis for Friday 18th November 2016
Economic Calendar

Thursday saw UK Retail Sales m/m jump by 1.9% vs expectation of 0.5% and prior was revised up to 0.1% from 0.0%. US Core CPI m/m missed at 0.1% vs 0.2%. Yellen’s testimony does not trouble the news services.

Market Reaction

The S&P500 and the Dow30 stay firm and the Nasdaq has almost recovered its port-Trump hangover. The UK indices and the Euro50 consolidate. Japan225 enters bull market territory due to soft JPY.

WTI consolidates. The Bloomberg USD index goes to a 14 year high and on the weak EUR the EURUSD hits year-to-date lows. The JPY follows the USD, in reverse, and continues to weaken. CAD goes sideways and the NZD weakness we expected to see and as alluded to in Monday’s trading plan failed to materialise with the whole week going essentially sideways.

Media

Goldman Sachs – themes for 2017
Yellen not quiting
Barclays – USD is the currency to own

Today

Draghi speaks and Canadian Core CPI.

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