Daily Alert: Wednesday 31st May 2017

Mark NugentDaily Alert, May 2017

Forex Analysis for Wednesday 31st May 2017

Economic Calendar

Tuesday:

US Core PCE beat expectations at 0.2% vs 0.1%.

YouGov projected the UK Conservative party to fall 16 seats short of an overall majority with 310 seats, Labour at 257, SNP at 50, NI at 18 and Lib Dems at 10. However, the projections also showed a wide margin for error as it suggested the Conservative party could win a minimum of 274 seats and maximum of 345 seats. (Newswires/Twitter) Note, 326 seats are required for a majority.

NZD remains on the front foot as the RBNZ Financial Stability Report included some further encouraging signs on the economy – the improving global outlook, a robust banking system and a recovery in dairy prices all cause to maintain the positive tone on NZD.

Market Reaction

The USD barely moved. US equities were down or static. Oil drops below resistance at USD50/bbl. US 10 Year drops and the JPY strengthens. So we are a touch risk-off. UK equities stick at highs and the Euro50 finds support. AUS200 touches support and is rejected. On the currency markets, the EUR continues to consolidate as does the GBP. CAD and AUD cling to resistance and support respectively while the NZD rises into a previous consolidation zone.

News Media

This is how oil dies

Today’s Calendar

Eurozone CPI Flash Estimate; CAD GDP.

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