Daily Alert: Tuesday 23rd May 2017

Mark NugentDaily Alert, May 2017

Forex Analysis for Tuesday 23rd May 2017

Economic Calendar

Monday: UK PM May made an abrupt U-turn on a key manifesto policy after a very negative poll reaction upon it’s initial announcement last Thursday.

ECB’s Weidmann said normalization should come closer if recovery lifts wages and that Eurozone prices pressures are muted. (Newswires) Elsewhere, commodity linked currencies extended on gains against the greenback following the recent upside across the metals complex.

Saudi Energy Minister Al-Falih said he does not expect any objection within OPEC to extend the deal for 9-months and that the deal will be similar to previous one but with minor changes. Al-Falih added that the Iraqi PM gave the Iraq oil minister permission for an extension of the deal for 9 months. (Newswires) Iraq, Oman and Russia all concur.

Tuesday: UK Police confirmed at least 22 were killed and 59 injured at the Manchester Arena following an explosion which police are treating as a terrorist incident. (Newswires)

Market Reaction

The markets start the week on Monday in a brighter mood relative to last week’s sour tone. The USD drops slightly but most equity indices gap up and move up. Oil moves up a little as does gold. US 10 Year Treasuries move down a very little bit. The EUR climbs and the GBP falls. JPY weakens on the improved risk sentiment. AUD and NZD rise on improvements in metal prices.

Today’s Calendar

A light calendar today.

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