Daily Alert: Friday 9th June 2017

Mark NugentDaily Alert, June 2017

Forex Analysis for Friday 9th June 2017

Economic Calendar

The ECB states that policy rates remain at present levels for an extended period of time; removes the word ‘lower’ from guidance.

ECB President Draghi states that risks to the growth outlook are broadly balanced

– Interest rate decision as expected – no change at 0.00%.
– The governing council confirm net purchases of EUR 60bln and are intended to run until the end of Dec’17, or beyond if necessary
– Underlying price pressures remain subdued
– Measures of underlying inflation remain low and inflation is only set to rise gradually
– No dissent regarding changes in policy statement
– QE tapering was not discussed at all

ECB inflation forecasts: 2017 1.5% (Prev. 1.7%), 2018 1.3% (Prev. 1.6%), 2019 1.6% (Prev. 1.7%)

ECB GDP forecasts: 2017 1.9% (Prev. 1.8%), 2018 1.8% (Prev. 1.7%), 2019 1.7% (Prev. 1.6%)

Comey said he took it as an order when Trump told him to drop the Flynn investigation.

Conservatives are largest party in UK election, but do not have an overall majority. They will attempt to put a government together, as is their right as largest party.

Market Reaction

The GBP drops 1.5% on the exit polls at 10pm BST last night. The FTSE100 gaps up on the open, due to the weaker pound and the FTSE250 gaps down on the open due to political chaos. Elsewhere the USD gapped up due to the GBP fall, US equities are flat at all-time highs. Oil grinds down to support and gold drops. The JPY is flat and the AUD and NZD continue upwards.

News Media

2017 UK election
Comey to senate committee – Trump wanted me to drop Flynn probe

Today’s Calendar

UK Manufacturing Production.

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