Daily Alert: Wednesday 19th October 2016

Mark NugentDaily Alert, Oct 2016

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Forex Analysis for Wednesday 19th October 2016
Economic Calendar

Tuesday saw UK CPI y/y outperforming an already high expectation (1.0% vs 0.9%). US Core CPI m/m missed (0.1% vs 0.2%). In New Zealand, Global Dairy was slightly positive at 1.4%.

This morning (Wednesday) we see mixed signals from China: GDP q/y was on target at 6.7% but Industrial Production y/y missed (6.1% vs 6.4%).

Market Reaction

US equities gapped up on open and made modest gains over the course of the day. UK equities were similar but without the initial gap. The Euro50 broke through the 200MA. Oil continued to move sideways just above USD50/barrel. The USD and EUR both showed weakness. The GBP rose on the positive CPI news. The AUD continues to frustrate the RBA by rising as does the NZD.

Media

Nothing of note.

Today

Later today we have UK Average Earnings Index 3m/y, Bank of Canada Overnight Rate and associated Rate Statement.

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