Daily Alert: Thursday 9th March 2017

Mark NugentDaily Alert, March 2017

Forex Analysis for Thursday 9th March 2017

Wednesday: Although not normally bothering the markets, the ADP Non-Farm Employment Change of 298K vs expectation of 184K has raised some eyebrows. Crude oil inventories also soared at 8.2M vs expectation of 1.1m. UAE Energy Minister Al-Mazrouei stated that he thinks today’s oil price slip is temporary and price will rise as OPEC sticks to the output agreement. UAE Energy Minister also commented that increasing US oil inventory levels were “a worry”. (Newswires)

In the UK we had the UK Annual Budget. Of major concern to the markets was the improved budget deficit forecasts (positive).

Early today (Thursday): China CPI y/y missed at 0.8% vs 1.8%.

The USD rose on the ADP job number – now we need to see it confirmed tomorrow. Oil drops on the inventory number and continues down today, pulling CAD down with it. Global equities continue to move down ever so slightly. The EUR rises ahead of today’s ECB meeting where hawkishness is expected from Draghi. The JPY is flat and the GBP has a slight up day for a change. Slumps in the energy and metals industries dragged down the AUD and NZD.

Draghi’s forward planning keeps bar high for stimulus change

Today sees China CPI; EUR Minimum Bid Rate and Press Conference

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