Forex Analysis for Thursday 29th June June 2017
US Crude Oil inventories saw a build of 0.1M vs an expectation of a drawdown of 2.1M.
The USD is battered by Carney’s apparent volte face yesterday where he seems more keen on a rate hike, and bullishness from the ECB (although the ECB issued statements saying the market had mis-interpreted it’s bullish view on the EU economy, again). US equities rose on successful stress tests in US banks. Oil rose again for the fifth day running and gold rose too. The US 10 Year is up and the JPY is down so we are risk-on. The EUR was volatile and ended up slightly down on the day and the GBP approaches potential resistance after rising on Carney’s remarks. The CAD rises on the oil price and there is little movement in the AUD and CAD. There is a feeling that the EUR and GBP moves are over-done.
USD Final GDP.
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