Daily Alert: Tuesday 22nd November 2016

Mark NugentDaily Alert, Nov 2016

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Forex Analysis for Tuesday 22nd November 2016
Economic Calendar

On ZeroHedge:
Europe‚Äôs most senior judge, Koen Lenaerts, states that Brexit is likely to end up in front of the ECJ in some form throughout the process. US President-elect Trump stated he will issue executive action on his first day in office to remove US from TPP, while Japanese PM Abe stated TPP trade pact is meaningless without inclusion of US. ECB’s Draghi stated that the ECB is committed to preserving an accommodative position but is committed to act if warranted.

Market Reaction

The USD dropped from its multi-year high gained last Friday but it is trying hard to regain that level this morning. US equities open up as Trump says he will withdraw from TPP on his first day in office. Like the USD, US 10-year treasury yield dropped yesterday but it has resumed its upwards path this morning. US sentiment remains positive. Elsewhere, the Euro50 moves up yesterday and gaps up today. The Japan225 continues to rise on a weakening JPY. WTI has a very good day yesterday and gaps up and continues up this morning as it approaches USD49/bbl. As for currencies, the GBP strengthens on Prime Minister May’s recognition and stated desire to avoid a cliff edge departure from the EU and single market. CAD rises with oil.

Media

$100B Chinese City

Today

Canadian Core Retail Sales.

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