Daily Alert: Tuesday 6th December 2016

Mark NugentDaily Alert, Dec 2016

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Forex Analysis for Tuesday 6th December 2016
Economic Calendar

BoE’s Carney stated that the BoE’s tolerance for above target inflation is limited and went on to state that UK indicators suggest continued solid growth. RBA kept rates unchanged as widely expected while AUD was pressured by further disappointing domestic data (Net Export Contributions to GDP). Several banks forecast tomorrow’s Australian GDP to print a Q/Q contraction for the first time in 5 years.

Market Reaction

The USD index took a major step towards reversing the Trump bounce, but this was mostly due to EUR strength rather than the slight USD weakness seen across the pairs. The confirmation of the issue being the EUR and not the USD could be seen in US equities where all three indices had an up day, as did the UK and the Euro50. WTI consolidated at around USD52/bbl driving the CAD to do likewise. The EUR had an up day after a significant gap down on the Italian referendum.The JPY did strengthen. The GBP was flat but continues its rise this morning.

Media

Populists in Sweden

Merkel’s legacy on the line

ECB stimulus choice nears

Today

RBNZ Gov Wheeler due to testify before the Finance Select Committee, in Wellington.

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