Daily Alert: Wednesday 28th September 2016

Mark NugentDaily Alert, Sept 2016

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Forex Analysis for Wednesday 28th September 2016
Economic Calendar

Tuesday was very light on Tier I data.

Zerohedge reported the following:

Japan PM adviser Hamada said JPY strength is damaging confidence in economy and could hurt BoJ. Hamada added further BoJ easing may not be fully effective unless Ministry of Finance (MoF) addresses speculative forces in FX markets which block regular transmission of monetary policy and that MoF should intervene in FX to stem sudden moves such as 5%-6% per day. (Newswires)

BoE Governor Carney said economy is still addressing principal uncertainty following Brexit, but also commented he is confident the economy will adjust well and that he sees positive prospects for the UK economy. (Herald Scotland)

Saudi Arabian Oil Minister Falih stated that he is not expecting an agreement at Wednesday’s Algiers meeting, while adding that a consensus is possible in November and a freeze could happen later this year. He went on to say that Iran, Libya and Nigeria should be permitted to produce at maximum levels seen in recent years. (Newswires)

Market Reaction

Equity markets did not move much yesterday. Oil remains range-bound. On currencies, USD and EUR continue sideways, JPY respects support and the GBP takes a step upwards. Commodity currencies were all up but not by much.

Media

Bloomberg reports that the Saudi oil minister is ready to agree with Iran and others an oil production cap at the next OPEC meeting in November. Ongoing commentary about troubled Deutsche bank and general malaise within the European banking sector.

Today

Today sees Yellen testifying before the Committee on Financial Services. Draghi goes to Berlin to speak to the Bundestag. US reports on Core Durable goods.

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