Daily Alert: Thursday 28th September 2017

Mark NugentDaily Alert, Sept 2017

Forex Analysis for Thursday 28th September 2017

Japan’s lower house of parliament was dissolved as expected ahead of snap elections.

The Bank of Canada’s Governor Poloz suggested an appropriate path for rates is very difficult to know because of a number of unknowns around inflation outlook, while he added that the Bank could still be surprised in either direction, and will continue to feel cautiously as “we get closer to home”. (Newswires)

RBNZ kept interest rates unchanged at 1.75% as expected. Commentary said that lower NZD would help the economy and that monetary policy will stay accommodative for a considerable time, although it also commented that numerous uncertainties remain and policy may need to adjust accordingly.

US President Trump’s tax plan included 3 individual tax brackets of 12%, 25% and 35%, while corporation tax is planned at 20% which Trump stated he is not willing to negotiate on.

Risk tone remains positive with equities up around the world yesterday. The USD is up as is the US 10 Year yield. Gold drops on the risk-on tone. The JPY weakened during the day but ended flat. The EUR index respects support.

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