Forex Analysis for Friday 20th October 2017
The USD moves up after the US Senate voted to adopt a budget resolution, which paves the way for Trump’s desired tax overhaul. US equities rise and gap up today. There are some encouraging words out of Brussels, supporting UK equities which had been down. Gold had risen but the strong USD pushes it back down. US 10 Year yield rises. The JPY weakens. We had gone slightly risk-off during the day yesterday but are now firmly risk-on again. The EUR rises to resistance despite the strong USD.
The NZD drops by 2% on political issues. Overnight, Winston Peters of NZ First announced that his party would back the opposition and not the incumbent party. The coalition is expected to make the 37-year old Jacinda Ardern the new PM. The platform has argued for full employment, limiting immigration, and understanding that “[NZ] start to return to an economy that realizes that we live or die by exports.” (Daily FX)
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