Forex Analysis for Wednesday 21st June 2017
UK – The DUP was reported to have threatened to walk away from talks with the Conservative party over forming a government. Last night there was speculation that the Conservatives could even open talks with the Liberal Democrats’ 12 MPs about supporting the Tory Government if the DUP talks fail. (Telegraph)
Early Wednesday – BoJ meeting minutes for April 26th – 27th meeting stated that members viewed Japan’s economy had been turning towards a moderate expansion and which is likely to continue. Furthermore, members concurred that financial conditions in Japan were highly accommodative and that pursuing current powerful easing is appropriate. The minutes also stated that momentum towards price goal is not firm enough and that risks to economy are skewed to downside. (Newswires)
Tuesday saw reversals across the global equity indices with Monday’s gains being lost. The USD moved up ever so slightly; oil dropped to just above $43/bbl creating a bear market; the JPY strengthened and the US 10 Year yield dropped. So quite clearly a more risk-off tone. The GBP dropped below it’s post-election range and all three commodity currencies were down slightly.
US Crude Oil Inventories; NZD Cash Rate and Rate Statement
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