Tax Reforms Places the Dollar Center Stage

Daily Update - 8th November 2017

Yesterday’s Focus

• AUD RBA Interest Rate Decision and RBA Rate Statement
• EUR ECB President Draghi’s Speech
• GBP NIESR GDP Estimate

Yesterday’s Explained

The RBA left Cash rate steady at 1.50% saying the Australian economy is seen rising about 3% next years with strong AUD restraining price pressures. The ECB president Mario Draghi delivered opening remarks at the ECB Forum on Banking Supervision, in Frankfurt speaking about banking issues, no monetary policy. Eurozone retail sales jumped by 0.7% m/m while annual growth reached 3.7%. This covers two weaker months indicating that domestic demand continues to lead the current economic boom in Eurozone.

Today’s Focus

• EUR Non-Monetary Policy ECB Meeting

Today’s Market

Another slow day with Only the ECB Non-monetary policy meeting happening but will not move the markets much as the meeting minutes will be released only next week.