Daily Alert: Tuesday 4th July 2017

Mark NugentDaily Alert, July 2017

Forex Analysis for Tuesday 4th July 2017

Economic Calendar

Monday: UK Manufacturing PMI missed (54.3 vs 56.4).

Early today (Tuesday) – RBA kept its Cash Rate Target unchanged at 1.5% as expected.

RBA statement:

– Judged unchanged policy is consistent with growth and inflation targets
– Wage growth remains low and likely to continue for a while
– House prices are rising briskly in some markets
– indicators of labor demand remains mixed
– Rising AUD complicates economic adjustment

North Korea conducted another missile launch which landed in Japan’s exclusive economic zone. There were also reports that the missile greatly exceeded altitude of 2500KM and may have been an intercontinental ballistic missile, while North Korea is to issue a major announcement at 0730BST/0130CDT. (Yonhap/Newswires)

BoC Governor Poloz says inflation should be well into an uptrend sometime in H1 18, according to Handelsblatt. (Newswires)

UK Construction PMI was essentially on target (54.8 vs 55.0).

Market Reaction

The USD recovered from lows. Global equity indices were mixed. Oil continues to recover and gold drops to support on stronger USD. The US 10 Year Treasury yield is up. The EUR and GBP consolidate and the JPY weakens and hits support. CAD approaches resistance on the way up, AUD drops after a lack of bullishness in the Rate Statement and NZD consolidates.

News Media

North Korea claims successful intercontinental missile launch

Today’s Calendar

It’s all happened already!

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