Daily Alert: Tuesday 17th October 2017

Mark NugentDaily Alert, Oct 2017

Forex Analysis for Tuesday 17th October 2017

Monday was risk on and that remains the position this morning.

Brexit impasse continues with UK PM May said to be against a GBP20b divorce bill.

The USD rises and US equities continue to edge upwards, as does the US 10 Year yield. UK equities show Brexit impasse-related weakness. The AUS200 soars on good results from miners. Gold reverses on the positive risk tone and the strengthening USD. The JPY remains flat, not reacting to the risk tone. The GBP makes a small move down, biding its time while PM May negotiates in Brussels.

Early today, RBA minutes from 3rd Oct meeting say their rate decisions are based on their domestic economy and will not move “mechanically” in tandem with rate hikes elsewhere. They then reiterated their stance that steady policy is consistent with growth and inflation goals and that further strength in AUD would result in slower growth and inflation.

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