Daily Alert: Tuesday 7th November 2017

Mark NugentDaily Alert, Nov 2017

I place an oil trade.

The USD traded near to recent highs. The US 10 Year yield moved down. US equities all made new all time highs at the close. Elsewhere most equity indices were up. Gold moved up on positive risk sentiment. The JPY weakened during the day before giving most of it back.

I’d say we are moderately risk on.

On the currency markets, the EUR drops, the GBP grinds up and the NZD rises as the intentions for the RBNZ are revealed and there is nothing about currency manipulation.

Early today, Australian RBA Cash Rate (Nov) kept at 1.50% as per expectation. RBA says forecasts are largely unchanged with the forecast remaining that inflation will pick up. They also repeated their view that a higher currency would slow the economy, adding that it is restraining price pressures. Labour market has continued to strengthen, although inflation remains low and will likely do so for some time. (ZeroHedge).

NZD saw a move higher as the NZ Finance Minister outlined review of RBNZ act in which the act will include maximising employment as a goal, while also including a committee-based decision-making model. However, the Finance Minister noted that there is no desire to have the exchange rate in the review.

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