Daily Alert: Wednesday 23rd November 2016

Mark NugentDaily Alert, Nov 2016

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Forex Analysis for Wednesday 23rd November 2016
Economic Calendar

Canadian Core Retail Sales m/m missed (0.1% vs 0.6%).

The Iraq Governor stated that we are agreed and happy after the OPEC meeting with the Libyan Governor stating that there is consensus on what OPEC members will do. OPEC are to defer the issue regarding Iran and Iraq production cuts to November 30th, according to sources (ZeroHedge).

Market Reaction

The astonishing US bounce continues with all indices up and the S&P500 and Dow30 hitting new highs. The Japan225 continues up on soft JPY. Both oil and the CAD move down as Iran and Iraq seen to be sticking points in any coherent production cap. The EUR and GBP continue sideways.

Media

Saudi Arab’s sway in OPEC limited by resurgent Iran and Iraq

OPEC to debate oil output cut of 12 million barrels a day but Iraq and Iran hesitate

Today

UK Autumn Statement; FOMC Minutes in the US.

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