Daily Alert: Tuesday 4th April 2017

Mark NugentApril 2017, Daily Alert

Forex Analysis for Tuesday 4th April 2017

Economic Calendar


AUD Retail Sales miss by a fair bit (-0.1% vs 0.3%).

Tuesday: AUD Cash Rate remains unchanged at 1.50% as expected. The Central Bank commented that the unchanged policy is in line with growth and inflation targets. RBA also stated that the pick-up in inflation is expected to be gradual and that China faces medium term economic risks.

S&P lowered the South African sovereign credit rating to BB+ from BBB, while Moody’s placed South Africa Baa2 rating on downgrade review.

Market Reaction

Monday saw a move to risk-off. The USD was flat and most global equity indices were down and have gapped down this morning. Oil’s ascent stops and gold ticks up. The US 10 Year Treasury yield drops to it’s short-term support as bond buying increases. On the currency markets, the EUR’s fall halts, the JPY strengthens on the risk-off sentiment, and the CAD and the AUD drop. The NZD continues to travel in a tight channel.

News Media

South Africa cut to junk

Today’s Calendar

The calendar today is light.

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