Daily Alert: Wednesday 12th October 2016

Mark NugentDaily Alert, Oct 2016


Forex Analysis for Wednesday 12th October 2016
Economic Calendar

On Tuesday, these was no Tier I news.

BoJ Governor Kuroda said he will ease further if it is deemed to be beneficial and would lower rates further into negative territory if merits outweigh costs.

GBP/USD was once again in focus as the pair rebounded as much as 200 pips initially slipping below 1.2100 to briefly reach 1.2300 following reports that UK PM May accepted that parliament should be allowed to vote on her Brexit proposals, which alleviated fears the PM could take an overly zealous approach to Brexit negotiations.

Market Reaction

US equities sank with increased expectation of a December Fed rate hike, a pullback in oil prices and some bad results in US corporate earnings season. The USD weakened on the news. The GBP strengthened after PM May said Parliament will get a Brexit vote. The JPY is trending stronger but alternating weak days with strong days.


US PM Teresa May backs down on parliament vote over her Brexit terms.
Saudis leave Istanbul with Russia pledge opec disputes to solve.

The second article mentions that Wood Mackenzie see the oil oversupply to correct in H2 of 2017.


Today we can look forward to the FOMC Meeting Minutes as the sole Tier I news item of the day.

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