Today’s Key Market Drivers – 13th October 2017
The Pound was up and down like a yo-yo on Thursday frustrating traders as speculation fell and then rose that the UK would be given an extension to remain part of the European Union for another 2 years whilst it negotiates new deals with European neighbours. The comments were made by a German newspaper that said whilst the UK may be allowed to stay in the EU for another two years it would not have voting rights. The Pound has been under pressure recently surrounding its lack of progress with Brexit and British PM Theresa May’s approval ratings have continued to slide amongst her colleagues with many calling for her to step down.
The economic calendar today shows US inflation data will be the key market driver through the US trading session today. The US Dollar was supported on Thursday after better than expected Producer Prices and if we see better than expected inflation figures today I would expect the US Dollar to continue to gain strength. US Inflation has consistently disappointed the US Fed over the past 6 months and if recent economic data is anything to go by an uptick in inflation surely must be getting close.
Looking ahead to next week there are no major Central Banks reporting, however, there is a number of key economic data numbers that have the potential to shift currencies including UK, Kiwi and Canadian CPI, Aussie Unemployment figures as well as China’s latest growth numbers.
About the Author: Andrew Barnett
Andrew is a professional trader and successful investor who has a strong focus on education. He is a regular Sky News Money Channel Guest and one of Australia’s most awarded and respected financial experts, and is regularly contacted by the Australian Media for the latest on what is happening with the Australian Dollar. Director at LTG GoldRock, Andrew Barnett, guides thousands of traders around the world in the live market on a daily basis, advising them on buy and sell directions, as well as trading his own personal account. Andrew, a regular key-note speaker at trading and wealth-creation events throughout the Asia Pacific region, is an authorized representative registered with the Australian Securities and Investment Commission (ASIC).
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