Daily Alert: Thursday 7th September 2017

Mark NugentDaily Alert, Sept 2017

Forex Analysis for Thursday 7th September 2017

Bank of Canada unexpectedly raised interest rates to 1.00% from prior 0.75%.

US Congress agrees to provide aid to those affected by storm Harvey and to raise the debt ceiling through December 15th.

Trump says military action is not the first choice with North Korea. The White House said Trump and Chinese President Xi are committed to “take further action with the goal of achieving the denuclearisation of the Korean pininsula.” US Treasury Secretary Mnuchin said if the UN does not place new sanctions on N Korea he has an executive order for Trump to consider that would sanction any country that trades with N Korea.

Global shares rose yesterday as the US agreed a new debt ceiling and the North Korea-inspired rhetoric became more measured. Oil continues to move up for no discernible reason and gold held current levels. The US 10 Year yield recovered half of Tuesday’s drop. The JPY showed a more risk-on tone and the CAD rose on the unexpected rate hike.

So far today it looks like the risk tone is more neutral after yesterday’s short-lived positive sentiment.

Today we have ECB Rate and Press Conference and early UK time tomorrow we see Japanese Final GDP.

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