Daily Alert: Tuesday 9th August 2016

Mark NugentAug 2016, Daily Alert

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Economic Calendar

Monday was a light news day. Chinese Trade Balance appears good at 343B vs expectation of 313B but that masked poor exports and even poorer imports.

Market Reaction

Asian stock markets rose on Monday. The Western markets were flat at recent highs on quiet trading. The S&P500 did hit a new all time high of 2186.25. There was little of significance on the major western bond markets to alter the trend of increasing prices and lowering yields. Oil rises for fourth day and approaches its 200 day moving average.

Media

News is light. The only story concerns an unofficial OPEC meeting due to be held next month in Algeria, doomed to fail as Iran and others who are fighting for market share are not yet at capacity.

Forex Indexes

There were no notably movements on any of the major currency indices.

Forex Major Pairs

EURUSD – continues in middle of channel.
USDJPY – continues to rise from support at 100.75.
GBPUSD – dropped for fourth consecutive day, approaching lows at 1.2900.

Today

Early this morning sees Chinese CPI y/y coming in at expectation at 1.8%. Later today we will see UK Manufacturing Production m/m at 0930am BST.

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