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KTA Macro Weekly Wrap 10/11/17

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 Louise Griffin, Relationship Development Manager at Knightsbridge Trading Academy

 Friday, November 10, 2017

In the G10 markets today, all the currencies are trading in a very narrow range with the top gainer CAD up 0.11% versus USD and top loser AUD down 0.08% versus USD The RBA meeting minutes released overnight has surprised the market by downgrading its underlying inflation and growth forecast; in our view, this could weigh on AUD as this puts in doubt pricing of a rate hike at the end of 2018 (according to AUD OIS 20bp rate hike priced in by 05 Dec 2018). In the equities space, the Nikkei 225 has closed -0.82% at 22681.42 while the European markets have also opened slightly firmer with FTSE up 0.1%, DAX up 0.2% and CAC up 0.1%, respectively. In the rates market, the German and the US 10-year yields have jumped today, recovering roughly 6bp each from lows seen earlier in the week. The German 10-year yield is trading at 0.39% and the US 10-year yield is at 2.37%. In the energy space, the Brent is firming once again, looking to test the $64.00 mark today. In terms of the economic data, the UK trade balance and manufacturing production at 0930 GMT are the only key releases from Europe. From the US, the Michigan Consumer Sentiment (preliminary) at 1500 GMT is the only data of any note from the US today.


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