Daily Alert: Wednesday 17th August 2016

Mark NugentAug 2016, Daily Alert

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Economic Calendar

UK CPI beat expectations but Core CPI was on target. In Germany the well respected ZEW Economic Sentiment servey was poor. US Core CPI missed expectation so we will wait for the favoured PCE number on 29th August. Yesterday closed with a slew of good data out of NZ.

Market Reaction

Global stock markets were either down slightly or flat. Oil continues up. There has been some bullish talk from Fed members about rate hikes this year, resulting in the CME forecast predicting a rate hike at the Fed’s December 2016 meeting.

Media

The Italian stock market was described as the world’s worst due to the huge bad debt position in banking sector and the constitutional referendum expected this year. The chances of a rate hike by the Fed this year moving over 50% was reported.

Forex Indexes

The Euro edges above short-term resistance. The GBP hits new lows. The AUD and NZD move sideways in tight consolidation zones.

Today

Today sees UK Earnings, a key part of inflation, and the FOMC minutes this evening at 7pm BST.

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