Daily Alert: Tuesday 29th November 2016

Mark Nugent Daily Alert, Nov 2016

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Forex Analysis for Tuesday 29th November 2016
Economic Calendar

The UAE OPEC Governor cited the OPEC committee as saying that a proposal is ready for ministers.Saudi Arabia is said to offer Iran a freeze at 3.7mln bpd, which is below the 3.97mln bpd requested by Iran (ZeroHedge).

Early today (Tuesday) BoC Governor Poloz stated they need to be prepared for the use of additional tools as rates are very low and added they have all the components of a divergence in monetary policy with the Fed.

Market Reaction

It was all eyes on the US session as the Thanksgiving holiday is behind us now and we need to assess the post-election sentiment. The USD started the day by gaping lower and despite some volatility closed near to the open. US equities were all down slightly as was the US 10 year Treasury. The JPY strengthened. Looking at this and the USDJPY, which was down yesterday but is staging a recovery today, I’d say we are not seeing a full blown reversal, more like a consolidation, but it is early days. WTI rises to around USD47/bbl and CAD rises to the resistance.

Media

OPEC split

Oil price falls as technical teams fail to agree on cuts

Today

US Prelim GDP q/q; RBNZ Financial Stability Report.

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