Daily Alert: Thursday 23rd February 2017

Mark NugentDaily Alert, Feb 2017

Forex Analysis for Thursday 23rd February 2017

Wednesday:

FOMC MINUTES – Many Fed voters thought a rate rise might be appropriate fairly soon. Many Fed voters saw only modest risk that inflation will rise significantly. The initial reaction was subdued but the USD weakened and Treasuries picked up as markets appeared to focus on comments that the Fed does not see inflation pressures rising significantly and that the Fed would have ample time to respond should inflation pressures emerge.

CAD Core Retail Sales miss significantly (-0.3% vs 0.8%).

The USD takes a rest but US equities continue to be buoyant. The EUR recovers from early Le Pen-related worries and has an up day as the Euro50 holds above short-term resistance. The JPY remains within consolidation and is flat on the week at the time of writing after weakening on Monday and Tuesday and strengthening on Wednesday and Thursday. The Japan 225 is up on the week but very much in a consolidation zone. The GBP is up week-to-date while remaining within its consolidation zone as UK equities remain buoyed by the general risk-on sentiment.

Today – RBA Gov Lowe speaks.

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