Daily Alert: Friday 27th October 2017

Mark NugentDaily Alert, Oct 2017

Trading Analysis for Friday 27th October 2017

The ECB kept interest rates unchanged at 0.00%. QE extended by 9 months until end Sept 2018 at EUR30b/mth (half current rate). Will re-invest maturing bonds for as long as necessary. Draghi says substantial accommodation required to drive towards inflation target. Draghi says no interest rate hike until net purchases complete. The market saw this as dovish and the EUR dropped.

Australian stocks were later spooked after the High Court ruled now-former-Deputy PM Joyce was ineligible for his parliamentary seat and would have to contest it again at a by-election, which meant the government loses its 1-seat majority.

The USD rises on report the Dovish Yellen is out of the running for Fed Chair and also on EUR weakness. US equities move up and the Nasdaq gaps up this morning after good results from Alphabet, Amazon, Intel, Microsoft and Western Digital.

Global equities rise apart from the AUS200 which drops on the Joyce story but soon recovers. Gold grinds to a halt at support. The US 10 Year yield rises and the JPY strengthens. I’d say we are risk neutral/on.

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