Forex Analysis for Tuesday 20th September 2016
Reserve Bank of Australia: the minutes from September 6th policy meeting stated that the data shows growth is close to potential and the low AUD continues to support trade. It also stated that policy the stance is consistent with meeting the CPI target over time but demand uncertainty is still weighing on non-mining investment. This meeting was Governor Glenn Stevens last.
The Algerian oil minister said that oil producers will discuss the possibility of an output freeze at the Algiers gathering and commented that any extraordinary OPEC meeting which is agreed upon in Algiers could take place before November.
Equities gapped up on the open but movement was slight other than on the FTSE100 which rose. Oil was flat. There was little movement on the major currency indices.
Bloomberg reported speculation that German Chancellor Merkel will not stand for a fourth term after 11 years in office. The backdrop is waning popularity on her no-barriers immigration policy.
A quiet day ahead of tomorrow’s BoJ and FOMC rate decisions. Later today we do have Global Dairy Trade Price Index in New Zealand.
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