Daily Alert: Thursday 13th October 2016

Mark Nugent Daily Alert, Oct 2016

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Forex Analysis for Thursday 13th October 2016
Economic Calendar

Wednesday saw the release of the most recent FOMC minutes in the US. The minutes did not reveal anything substantial but did note that many of the voting members felt there were few signs of inflationary pressure and that progress on inflation was slow. The FedWatch Tool barely moves, showing almost 70% chance of a hike in December.

This morning saw Chinese Trade Balance missing expectation (278B vs 365B) both on imports and exports.

Market Reaction

The market is somewhat gloomy as the Chinese Trade Balance is reported and also as there is no news from the oil producers meeting in Istanbul. Equities were down yesterday and gapped down on today’s open. Oil drops down to USD50/barrel. On the currency markets, the JPY continues its up/down movement, the USD rise halts and the GBP’s one day of strength is reversing this morning.

Media

Pound’s plunge squeezes UK companies as brexit hedges expire

Today

Today we have US Unemployment Claims and Crude Oil Inventories.

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