Forex Analysis for Tuesday 21st February 2017
Monday: Quiet in the US due to Presidents’ Day holiday. ECB’s Lautenschlaeger (Hawk) stated she is pleased for the recent rise in inflation but it is too soon for a rate hike. Lautenschlaeger added that she hopes the ECB could return to normalisation as quickly as possible. (German Deutschlandfunk Radio)
Early Tuesday: RBA minutes from Feb 7th meeting stated the RBA concluded steady rates are consistent with economic growth and inflation targets, while the RBA noted that a downwards pressure on inflation can potentially be more persistent than assumed. (Newswires)
A quiet day for the USD as it was Presidents’ Day in the US yesterday. This did not prevent US equities maintaining all-time highs. The EUR was flat as was the Euro50 index at short-term resistance. The GBP respects the consolidating triangle pattern and UK equities remain buoyant. The JPY respects it’s own consolidation pattern, weakening from support as the Japan 225 moves up.
Today – UK Inflation Report Hearings; AUD RBA Gov Lowe speaks.
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