Daily Alert: Wednesday 31st August 2016

Mark NugentAug 2016, Daily Alert

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Economic Calendar

Very quiet as we move into the last day of August. US Consumer Confidence comes in at 101.1 beating expectation of 97.2. German Preliminary CPI m/m disappointed at 0.0% vs expectation of 0.1% and prior 0.3%.

Market Reaction

Tuesday saw US and UK equities move sideways. The Euro50 continued to rise and briefly touched the 200 MA before retreating. The Japan225 rose to short term highs and continues upwards this morning. The HongKong50 moves sideways. We are neither particularly risk on or risk off.

The USD index continues the rise begun towards the end of last week. Oil grinds slowly lower.

CME Group maintain their forecast of a Fed rate hike in December.

Media

The media is focused on the EU’s USD14 Billion back-tax claim on Apple.

Forex Indexes

There is little significant movement in the major currencies. The GBP has bounced off support and is approaching what may be a resistance line.

Today

Later today sees US ADP Non-Farm Payroll, Canadian GDP and US Crude Oil inventories.

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