Daily Alert: Thursday 20th October 2016

Mark NugentDaily Alert, Oct 2016

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Forex Analysis for Thursday 20th October 2016
Economic Calendar

Clinton seen as winner of 3rd Presidential debate by CNN poll, Trump seen as winner by Drudge poll.

Wednesday saw UK Average Earnings Index 3m/y meet expectations at 2.3% with the prior number revised up from 2.3% to 2.4%.

Bank of Canada Interest Rate as per expectation – remaining at 0.50%. The BOC cut 2016 GDP growth forecast to 1.1% from the prior 1.3% and cut 2017 to 2.0% from 2.2%. Also, they cut 2016 CPI to 1.5% from 1.6% and 2017 to 1.9% from 2.1%. These reductions were in line with market expectations.

Market Reaction

Equities up around the world. Oil range-bound between USD51.5/barrel and USD50.0/barrel. Both USD and EUR continue to fall and both JPY and GBP remain bound in a tight range. The AUD continues to rise but so far this morning has reversed on some poor employment news.

Media

The world’s biggest oil kingdom reverses course
Trump vows election day suspense
Deutsche Bank vs DOJ: here’s why it’s all taking so long

Today

Today sees UK Retail Sales m/m and ECB Minimum Bid Rate.

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