Daily Alert: Thursday 19th January 2017

Mark NugentDaily Alert, Jan 2017

Forex Analysis for Thursday 19th January 2017
Economic Calendar

BoJ is said to mull another upward revision to its economic assessment at the 31st January meeting. (Newswires)
In FX markets, USD strengthened and reclaimed the 101.00 level on the latest comments by Fed Chair Yellen who signalled likelihood of multiple rate hikes annually. (Newswires)

US CPI and Core CPI m/m both hit expection.

Canadian Rate decision – left at 0.5% as per expectation. Moderate concern over inflation due to the fall in food prices, but little here to concern traders who are focusing on USD direction now more than anything else. NAFTA talks ahead are likely to limit CAD gains vs the USD, as is the broader view on the greenback, with risk aversion also supportive of the spot rate over the near term.

Market Reaction

No change on the equity markets prior to Friday’s US Presidential inauguration. The GBP remained buoyed by May’s speech. CAD drops on BoC statement and market comments  after the rate decision.

Media

Nothing of note.

Today

EUR Minimum Bid Rate at 1230. US Fed Chair Yellen speaks again.

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