Daily Alert: Tuesday 31st January 2017

Mark Nugent Daily Alert, Jan 2017

Forex Analysis for Tuesday 31st January 2017

US Core PCE m/m came in on target at 0.1%.

Early today, BoJ kept its rate unchanged at -0.1% and maintained its QQE with yield curve control policy in which the 10-yr JGB yield target was kept at around 0%, as expected. The BoJ’s decision to keep policy unchanged was made by 7-2 vote, with Sato and Kiuchi the dissenters while the BoJ also extended its loan programme by one year. (Newswires)

Further, BoJ forecast increased GDP in FY16/17, 17/18 and 18/19. The CPI forecast for FY16/17 dropped to -0.2% from -0.1% and was maintained for FY 17/18 at 1.5% and FY 18/19 at 1.7%.

CAD GDP is expected later today.

The USD was essentially flat on the day and the US equity indices slipped after Trump’s immigration and refugee executive orders, which have caused widespread concern across the globe. The GBP drops and is continuing to drop today as UK equities consolidate. The EUR consolidates as the Euro50 moves from the top of its channel to the bottom. The JPY strengthens on risk-off sentiment taking the Japan 225 down towards the 50MA. Oil consolidates.

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