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WEEKLY HIGH IMPACT NEWS:
08:30 GB- GDP
12:30 US- Weekly Jobs
12:30 US- Durable Goods
14:00 US- Pending Homes Sales
23:30 JP- CPI
12:30 US- GDP
14:00 US- University of Michigan
00:00 RZ/GB Clocks turn back one hour
- Forex Markets opened up further on Wednesday as early in the day, EURUSD short-covering driven by stop-losses drove the pair through a number of key levels before an unexpected draw in weekly crude figures saw the price of crude spike higher and give the S&P a lift. That spike in WTI faded over the session and saw the S&P recovery fade.
- Following September Advance Trade data Wednesday, CNBC said its tracking of private GDP estimates (due Friday) have been raised substantially to 3%+ from about 2.5%.
- The GBP picked up support Wednesday after a junior government Minister said that both U.K. Houses will want to examine any agreement made between the EUand U.K. on Brexit. Parliament tends to favor a "soft Brexit". Tuesday, Bank of England Governor Carney impacted trade by not sending the signal for another rate cut that many had been hoping for. His comments imply that a rate cut is improbable in light of the recent GBP slide.
- Markets continue to try to reconcile the prospects for a Fed policy tightening in December with Yellen's new notion of a high-pressure economy. Odds are the Fed will hike rates before putting policy on hold again for most of 2017. Fed Funds futures have zeroed in on roughly 70% odds (69%) on a rate hike. It looks to me like the hawks and doves have reached a deal. The hawks get a December token rate hike in return for the doves getting a steady monetary policy next year.
John M. Bland, MBA
CURRENT CONDITIONS: Risk-Off
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