Daily Alert: Friday 3rd November 2017

Mark NugentDaily Alert, Nov 2017

Trading Analysis for Friday 3rd November 2017

Yesterday, Construction PMI in the UK beat expectation (50.8 vs 48.3).

The Bank of England increases interest rates to 0.50% from 0.25% by 7 votes to 2 (6-3 expected). QE was maintained at £435B by a unanimous vote as per expectation. In his speech, Gov Carney talked down the prospect of a significant series of interest rate hikes. The GBP fell and equities rose.

There is a Japanese Bank Holiday today.

Global equities are up although the US 10 Year yield is down across the week. The USD is flat as is GOLD and JPY. I’d say we are neutral/on in terms of risk sentiment.

Oil edges up on the expectation of a continuation of the production cap to end 2018.

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