Afternoon Market Update – 15/11/2016 – by Jaz Singh

We’ve had plenty of data from the UK and the Eurozone this morning. UK CPI came in worse than expected leading to a sell off in sterling. Cable reached the 1.24 level before finding support, coinciding with Carney’s testimony before the Treasury Select Committee. He outlined the central bank’s expectation that inflation shall hold above 2% by mid-2017. The main Eurozone data came in the form of GDP which cane in line with expectations. The dollar rally seen in the wake of Trump’s victory last week has subsided this morning. The dollar index has dropped 0.3 percent, following a rise of 3.2 percent over the past week. In a similar fashion to yesterday’s session stocks remain little changed across the board. Crude oil is up over 3 percent as OPEC seems to be nearing a deal on output. However the major members of Saudi Arabia, Iran and Iraq have still not decided on how to share output cuts agreed at the September meeting.