Daily Alert: Thursday 27th April 2017

Mark NugentApril 2017, Daily Alert

Forex Analysis for Thursday 27th April 2017

Economic Calendar

Wednesday: The Trump administration’s tax plans confirmed a 15% corporation tax and simplification of the tax brackets for individuals. More details to come. (CNBC)

Canadian Core Retail Sales beat expectation (-0.1% vs -0.2%). The headline figuire missed (-0.6% vs 0.0%).

There were initial reports that US President Trump was said to be close to notifying countries of his intent to withdraw from the NAFTA. However, it was later reported that Trump agreed to not terminate NAFTA ‘at this time’ following conversations with Mexican President Pena Nieto and Canadian PM Trudeau. (Newswires)

Thursday: BoJ maintained its QQE with yield curve control policy and the interest rate at -0.10% as expected. BoJ raised its economic assessment and stated that Japan’s economy is turning towards moderate expansion. BoJ also said Japan is likely to see inflation hit 2% target around fiscal 2018, although added that momentum towards target is lacking and that risks for economy and prices are tilted to the downside. (Newswires)

Market Reaction

A slightly more risk off day yesterday. The USD and global equities failed to gain any real upwards traction. Oil was flat and gold up slightly. Trump’s tax announcement underwhelmed the market and the backing off of the threat to leave NAFTA caused the CAD to rise. The EUR was flat and the JPY strengthened slightly. The GBP continued upwards.

News Media

Trump aides in raging debate over how quickly to move on NAFTA

Today’s Calendar

EUR Rate and Press Conference.

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