Daily Alert: Tuesday 7th February 2017

Mark Nugent Daily Alert, Feb 2017

Forex Analysis for Tuesday 7th February 2017

Monday saw AUD Retail Sales m/m miss at -0.1% vs 0.3%.

Early Tuesday saw NZ Inflation Expectations. New Zealand 2yr Inflation Expectations (as of Q1 2017) at 1.92% vs previous (Q4 2016) of 1.68%.RBNZ Governor Wheeler stated he will not be seeking another term when current term expires in September this year, with Deputy Governor Spencer to be the acting Governor for 6 months after until a replacement is chosen.

RBA kept the Official Cash Rate unchanged at 1.50% as expected and stated that unchanged policy is consistent with growth and inflation targets. RBA added that conditions in the global economy have improved over the recent months and that high commodity prices have supported an increase in Australia’s terms of trade, although the central bank also commented that inflation is seen to remain low for some time. This dampened expectation of further rate reductions.

The USD and US equities all moved up if only slightly. The GBP moved down ever so slightly as did UK equities. The EUR dropped as did the Euro 50. The JPY strengthened significantly and the Japan 225 moved down. Oil continues to move sideways. In the UK, the Government defeated those who sought to amend the Article 50 bill. There are further debates this week.

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