Daily Alert: Friday 3rd February 2017

Mark NugentDaily Alert, Feb 2017

Forex Analysis for Friday 3rd February 2017

Bank of England kept interest rates and QE unchanged, each by a unanimous 0-0-9 vote. BoE lifts 2017 GDP forecast to 2.0% (Prev. 1.4%), 2018 1.6% (Prev. 1.5%), 2019 1.7% (Prev. 1.6%). BoE keeps 2017 CPI forecast broadly unchanged at 2.7% (Prev. 2.7%), 2018 2.6% (Prev. 2.7%), 2019 2.4% (Prev. 2.5%). BoE’s Carney reiterates that the BoE has limited tolerance for above target inflation. The BoE statement notes that some members of the MPC do express increased concerns about inflation.

BoJ meeting minutes for December 19-20 meeting stated that Japan’s economy continued its moderate recovery trend and that exports had picked up with the effects of the slowdown in emerging economies diminishing. (Newswires)

Early todasy we had UK Services PMI missing expectation at 54.5 vs 55.8.

The market reaction is essentially unchanged from earlier in the week. The only real movement was the GBP which went down during BoE Gov Carney’s press conference

Media:

Trump orders review of Dodd-Frank

Later today we have US Average Hourly Earnings and Non-Farm Payroll.

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