Daily Alert: Tuesday 11th October 2016

Mark Nugent Daily Alert, Oct 2016

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Forex Analysis for Tuesday 11th October 2016
Economic Calendar

Monday was quiet with Japan, Canada and the US all on holiday. The latest NBC/WSJ poll shows Clinton leading Trump 46%-35%. Oil hit a one year high as reports came in of Russia backing a production freeze. Russia Energy Minister Novak is scheduled to meet Saudi representatives today in Istanbul.Saudi Arabia Energy Minister Al-Falih said oil could reach USD60/barrel by end 2016.

RBNZ’s Assistant Governor McDermott said policy is to remain accommodative and that projections indicate that further policy easing will be required.

Market Reaction

US and European equities are up. The UK is more mixed with the FTSED100 up and the FTSE250 down. WTI moves strongly through USD50/barrel on the Russia-would-like-a-cap news. The German banks gap down then move up. The USD seems buoyed by the Clinton lead in the polls and a positive risk-on sentiment. USD strengthens as does the CAD. The GBP continues to grind downwards.

Media

Triggering article 50 to begin EU-exit is being challenged in court.

Goldman Sachs sees the potential for downside in shares before year end.

Today

There is tumbleweed rolling across my screen today…nothing happening.

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