Daily Alert: Wednesday 24th May 2017

Mark NugentDaily Alert, May 2017

Forex Analysis for Wednesday 24th May 2017

Economic Calendar

Tuesday: Moody’s downgraded China’s sovereign credit rating to A1 from AA3; outlook revised to stable from negative. Moody’s commented that the rating reflects expectations that China’s financial strength will erode somewhat over the approaching years. (Newswires)

The IMF and German Finance Minister Schauble are said to have reached an agreement on Greek bailout with the IMF willing to participate in the program if Greece proves debt is sustainable. (Handelsblatt)

Market Reaction

The USD bounced up off support and US equities all rose. Oil ground upwards, gold fell, the US 10 Year yield rose and the JPY weakened. All that points to clear risk-on sentiment. Non-US equities all rose. The EUR turned down and the GBP was essentially flat. Commodity currencies are range-bound.

Today’s Calendar

Canadian Rate Statement; US FOMC Meeting Minutes.

[mepr-hide if=”loggedin”]

VIP Club members please [mepr-login-link] to access your Daily Alert video.

For VIP Club members, this commentary is augmented with a short daily video where I discuss the trades I am in and the opportunities for tomorrow. If you would like a free one month trial to the VIP Club you can find out more HERE.


[mepr-show if=”loggedin”]

Here is your Daily Alert video. Trade talk starts at 2:40.

You can download the video HERE. If it starts to play in your browser, right click on it and select “save video as” or similar and it will download to your machine.

There is an archive of all VIP Club member’s content on the VIP Club page.