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.

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