Daily Alert: Wednesday 10th May 2017

Mark NugentDaily Alert, May 2017

Forex Analysis for Wednesday 10th May 2017

Economic Calendar

Tuesday: BoJ Summary of Opinions for April 26th-27th meeting stated that Japan’s economy has been turning to a moderate expansion and is likely to maintain growth above potential mainly through fiscal 2018. BoJ also stated that CPI is likely to increase towards 2% and although prices are sluggish recently, they are likely to start increasing as the economy maintains its moderate expansion. (Newswires)

German Finance minister Schauble said he predicts that ECB policy normalisation will commence shortly. (Newswires)

Otherwise, a quiet day.

Market Reaction

The USD continues to climb as the S&P500 and Dow30 consolidate and the Nasdaq makes yet another new all-time high. Oil cannot get above USD47/bbl and gold drops. The US 10 Year yield moves up. UK equities climb above resistance and the FTSE250 makes a new all-time high as the GBP continues its grind upwards. The Euro50 continues to drop post French election as does the EUR, albeit only a bit. The Japan225 rises on continued JPY weakness. The under-pressure AUD moves sideways at support.

News Media

Top oil trader warns of shaky demand

Brexit makes Carney’s task harder as Draghi’s gets easier

Today’s Calendar

NZD Cash Rate, Rate Statement and Monetary Policy Statement.

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