Daily Alert: Wednesday 3rd May 2017

Mark NugentDaily Alert, May 2017

Forex Analysis for Wednesday 3rd May 2017

Economic Calendar

Tuesday: UK Manufacturing PMI beat expectation (57.3 vs 54.0).

Wednesday: UK Construction PMI beat expectation at 53.1 vs 52.1. EUR Prelim Flash GDP comes in on target at 0.5%.

Market Reaction

The USD, S&P500 and Dow30 consolidate with the Nasdaq being the shining star, making a new all-time high. Both UK equity indices move up with the FTSE250 making a new all-time high. The Japan225 rises before the 5 day weekend (starting today). Oil declines before today’s EIA Crude Oil Inventories number. The JPY continues to weaken as the GBP recovers from the PM May/EU dinner disaster story. The CAD continues down as does the AUD.

News Media

Euro area recovery maintains pace as ECB stimulus decision nears

Today’s Calendar

US Fed Funds Rate and Statement; UK Construction PMI.

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