Daily Alert: Wednesday 7th December 2016

Mark NugentDaily Alert, Dec 2016

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Forex Analysis for Wednesday 7th December 2016
Economic Calendar

UK’s PM May has announced that MPs will today be given the opportunity to vote on her timetable for triggering Article 50 and formally beginning Brexit by serving Article 50 by the end of March 2017 (Telegraph).

Early this morning (Wednesday) saw Australian GDP q/q miss (-0.5% vs 0.2%), the first negative number in 5 years.

Market Reaction

The USD and US equities were up, with the Dow 30 hitting a new all time high. The JPY was steady. The EUR’s rapid rise post Italian referendum was halted with a small down move. The Euro50 breaks out through resistance to the upside. The GBP pauses and moves down slightly. Oil continues to consolidate. All three commodity currencies consolidate.

Media

Renzi battles to save legacy
PM May accepts call to reveal more details of Brexit negotiations

Today

BoC Rate Statement.

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