Daily Alert: Tuesday 20th June 2017

Mark NugentDaily Alert, June 2017

Forex Analysis for Tuesday 20th June 2017

Economic Calendar

Monday:

There were hawkish comments from Fed’s Dudley that he is confident US inflation would increase in tandem with wages and that the expansion in US has a long way to go.

RBA minutes from June 6th meeting reiterated it is appropriate to keep accommodative stance on monetary policy unchanged and that rising AUD complicates economic adjustment. The minutes also stated that the RBA still expects GDP growth to rise to 3% overtime, despite soft Q1 figures. (Newswires)

This morning (Tuesday):

BoE Governor Carney speaks (a reschedule of last week’s Mansion House speech). He has said that “now is not the time to raise rates”.

Market Reaction

The risk-on tone causes US equities to rise considerably with new all-time highs seen in the S&P500 and Dow30. US 10 Year yields rise. Equities are buoyant around the globe except the AUS200 which took a hit dye to Moody’s downgrading the 4 largest banks in the area – Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank Limited and Westpac Banking Corp. Oil clings to support and gold drops. The JPY weakens significantly. GBP is static and moves down this morning on Carney. AUD and NZD each have a quiet day yesterday but are on the way up again this morning.

News Media

Soros says UK is approaching tipping point
Moody’s downgrades Australian banks on mortgage fears

Today’s Calendar

UD Monetary Policy Meeting Minutes – already happened!

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