Daily Alert: Wednesday 26th October 2016

Mark Nugent Daily Alert, Oct 2016

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Forex Analysis for Wednesday 26th October 2016
Economic Calendar

Tuesday saw BoE’s Carney says that monetary policy has been overburdened and that they will not depend purely on QE if more stimulus is required and that they have a range of options (Zerohedge). ECB’s Draghi stated that the ECB would certainly prefer not to have to keep interest rates at such low levels for an excessively long time (Zerohedge).

This morning (Wednesday) Australian CPI beat expectations at 0.7% vs 0.5% and the ASX Futures price indicated a 6% chance of a rate cut on 1st November.

Market Reaction

US stocks were down due to Apple’s quarterly revenue being 9% down on prior, despite this being forecast. The Euro50 drops from a high. Oil falls on an inventory build (not reported on economic calendar). On the money markets, the AUD strengthens after the positive CPI number. The USD spikes to new 7 month highs before falling back. The EUR moves sideways. The JPY remains range-bound and the GBP spikes down before Carney’s speech for a number of postulated reasons before regaining most of the loss.

Media

Apple investors sniff at outlook given Samsung’s difficulties

Today

Later today we have Crude Oil Inventories.

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