Daily Update - 23rd Feb 2017
Yesterday the US Dollar was strong ahead of FOMC Minutes, particularly against its European rivals and with the clear exception of the Japanese yen. The Euro was among the weakest, as political woes undermine demand for the common currency, regardless of positive data coming from the region. German Business data and Euro zone consumer price index came all positive but did not provide any positive support to EUR. Gross Domestic Product from UK reported negative figures thus supported the downfall of GBP. Retail sales report from Canada was negative as well which dropped by 1% compared to previous month. Along with that US released existing home sales change which jumped by 3.3%, well above the 1.1% consensus estimate. Later on focus turned to FOMC meeting minutes which showed that there’s only a 22 % probability of a rate hike in March which is lower than expected. However it also mentioned that improving US economy and the possibility that the Trump administration’s proposed economic policies which could push inflation up faster than anticipated can support US Dollar in the long term. The day will start with Germany releasing Gfk Consumer Confidence Survey which is a leading index that measures the level of consumer confidence in economic activity. This will be followed by Gross Domestic Product which is a measure of the total value of all goods and services produced by Germany. The U.S. is to release the weekly report in initial jobless claims. This will be followed by Housing Price Index which provides an estimated value of housing market conditions. It is an important indicator as the housing market is considered as a sensitive factor to the US economy.Yesterday’s Markets
Yesterday Explained
Today’s Markets
Today’s Focus
