Daily Alert: Thursday 6th July 2017

Mark NugentDaily Alert, July 2017

Forex Analysis for Thursday 6th July 2017

Economic Calendar

Wednesday:

UK Services PMI was on track at 53.4 vs 53.6,

FOMC Minutes were underwhelming:

• Most policymakers viewed recent softness in inflation as having little impact on inflation trend.
• Several policymakers wanted to announce start of balance sheet trimming within a couple of months, others wanted to wait until later in 2017; Yellen suggested announcing the new approach to balance sheet plan at the June meeting.
• Reaction to the minutes was muted as they did little to suggest the Fed was on course to alter the rate path trajectory or change the plans to unwind the balance sheet.

Early today saw a mixed bag on AUD Trade balance with the current print being positive (2.47B vs 1.00B) but the prior number suffering a significant downwards revision (0.09B from 0.56B). Currencies are very flat. The US 10 Year yield is unmoved.

Market Reaction

With the FOMC Minutes underwhelming and worries about North Korea, the risk tone is slightly negative. The USD barely moves. Equities are indecisive. Oil has a bad day and drops 4% after a big draw in the API Inventories number.

News Media

Today’s Calendar

USD ADP Non-Farm Employment; Crude Oil Inventories

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