Daily Alert: Wednesday 2nd August 2017

Mark NugentAug 2017, Daily Alert

Forex Analysis for Wednesday 2nd August 2017

Economic Calendar

EUR Prelim Flash GDP hit expectations at 0.6%.

USD Core PCE Price Index hit expectations at 0.1%.

US API Crude Oil Inventory Report (Jul 28) W/W 1779K (Prev. -10200K).

GBP Construction PMI misses (51.9 vs 54.3).

Market Reaction

The USD had a (smallish) up day. US equities were mixed but then the Dow30 and Nasdaq were bolstered overnight by the announcement of strong earnings from Apple. There is widespread gapping up this morning. Oil drops on the API Inventory number.

The EUR has a small down day but continues up today. The JPY strengthened ever so slightly but is weakening this morning. The GBP had it’s seventh consecutive up day and it continues up this morning. The commodity currencies are all bashed by the oil drop and NZD especially by a poor Employment Change number late last night (BST): -0.2% vs 0.7% expectation.

News Media

Two key support levels for EURUSD

Today’s Calendar

GBP Construction PMI

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