Daily Alert: Thursday 20th July 2017

Mark NugentDaily Alert, July 2017

Forex Analysis for Thursday 20th July 2017

Economic Calendar

Crude oil inventories saw a bigger drawdown than expected.

Bank of Japan:

• Kept rates at -0.10%, 10yr JGB yield target at 0.00% and annual pace of JGB holdings at JPY 80tln.
• Increased Real GBP forecasts for FY17, 18 and 19.
• Decreased Core CPI forecasts for FY17, 18 and 19

BoJ Governor Kuroda reiterates that risks to prices and the economy are tilted to the downside.

Market Reaction

The tone is mildly risk on with global equities rising on Wednesday and again this morning. Oil rises on the inventory drawdown. The USD is flat with the trend being down. The AUD continued its move up yesterday but is reversing this morning. Other currencies are largely range-bound.

News Media

Subdued environment for trading

What will happen if Draghi is dovish

Today’s Calendar

GBP Retail Sales; EUR Minimum Bid Rate and Press Conference.

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