Daily Alert: Tuesday 15th November 2016

Mark NugentDaily Alert, Nov 2016

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Forex Analysis for Tuesday 15th November 2016
Economic Calendar

OPEC are still divided over an output cut, after a weekend of meetings but are seeking to narrow Saudi Arabia’s difference with Iran and Iraq. Furthermore, OPEC have begun their final push to remedy oil cut divisions and are said to be making the utmost effort to secure an output deal ahead of the next official meeting at the end of this month, according to sources (ZeroHedge).

Early Today (Tuesday) RBA minutes from Nov 1st meeting stated risk around local inflation forecasts were more balanced and that maintaining policy at the meeting would be consistent with sustainable economic growth as well as achieving the inflation target over time. RBA also stated that consumption growth had been below average in the June quarter, while growth in Australia’s major trading partners had been a little below average over the prior year and is expected to decline a little over the following two years (ZeroHedge).

German Preliminary GDP q/q misses at 0.2% vs an expectation of 0.3%.

Market Reaction

The S&P 500 is consolidating; the Dow30 gaps up to make a new all-time high, the Nasdaq moves down towards the 50MA. UK equities and the Euro50 consolidate. Oil moves up slightly on the OPEC news mentioned above. US bond yields continue to rise as money flows out. The USD strengthens as the EUR and JPY weaken.The GBP consolidates. All three commodity currencies see some strength.

Media

Trump’s USD to trounce Euro as forecasters see parity in 2017

Today

Today sees RBA Governor Lowe speaking; UK CPI; UK Inflation Report Hearings; US Retail Sales and in New Zealand we have Global Dairy and Retail Sales.

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