Forex Analysis for Tuesday 24th October 2017
Yesterday saw the USD gap up and do nothing. The “major” industrial US equity indices gapped up and moved up. Equities elsewhere were more mixed. The US 10 Year yield dropped. Gold sank and then rose, ending slightly up. The JPY weakened and then strengthened. I’d say at the close we are slightly risk-off.
Elsewhere, I see softness in UK equities, the Japan225 remains buoyant at a 21 year high after Abe’s election win. The EUR is struggling to break out up through resistance. The GBP moves up slowly after the Brussels love-in. The NZD drops as the new Labour/NZ First coalition states its desire to reform the RBNZ.
In early trading today US equities are down so I’d say the risk-off tone endures.
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