Daily Alert: Tuesday 1st August 2017

Mark NugentAug 2017, Daily Alert

Forex Analysis for Tuesday 1st August 2017

Economic Calendar

EUR Headline CPI Flash Estimate hit expectation at 1.3%. The Core number beat expectation (1.2% vs 1.1%).

US President Trump removed Scaramucci from the White House Communications Director role, removing any chance of a USD rally.

Early today, RBA kept rates unchanged as expected and mentioned the detrimental effects of a higher AUD, but stopped short of significantly jawboning the currency.

RBA kept the Cash Rate at 1.50% as expected and stated that it judged steady policy steady was in line with policy target.RBA also stated that higher AUD weighing on price pressures and would slow the economy, but added that growth is expected to pick up to around 3%. (Newswires)

GBP Manufacturing PMI beat expectation (55.1 vs 54.4).

Market Reaction

The USD continued down on the Scaramucci news. US equities were mixed with the Dow30 soaring and gapping up this morning, as are more equity indices. Oil closed above USD50/bbl. There was clear downwards pressure on European equities which is reversing at the time of writing. The Aus200 rises on copper and iron ore price appreciation. The EUR rises. The GBP rises for the sixth consecutive day and the JPY is ever so slightly stronger.

News Media

EUR, GBP and JPY undervalued

Today’s Calendar

EUR Prelim Flash GDP; USD Core PCE Price Index

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