Daily Alert: Thursday 1st December 2016

Mark NugentDaily Alert, Dec 2016

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Forex Analysis for Thursday 1st December 2016
Economic Calendar

OPEC reached an agreement to cut production for the first time in 8 years by 1.2 million bpd to 32.5 million bpd, starting in January. Outside OPEC, Russia said it too would cut by 300K bpd and hoped for a total non-OPEC cut of 600K bpd. US Core PCE Price Index m/m was in line with expectation at 0.1%. Canadian GDP beat expectation (0.3% vs 0.1%). Early this morning (Thursday) we saw positive manufacturing PMI in China (51.7 vs 51.0).

Market Reaction

Oil rose by 10% to over USD49/bbl and continues to rise this morning. The CAD index breaks through resistance but the move is less than the 14ATR. There is no significantly weak counter-currency for the CAD to show a large move against. The USD continues to consolidate as do the S&P500 and Dow30. The JPY strengthens for the first time in over a week. The GBP continues to grind up.

Media

OPEC agree oil production cuts

Global bonds suffer worst ever meltdown

Today

UK Manufacturiung PMI; US ISM Manufacturing PMI.

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