Market Talk – October 31, 2016

by Martin Armstrong
Armstrong Economics

An extremely quiet start to what has potential to be an explosive week. Asia was the first market to react to the FBI story that broke over the weekend and after the initial wobble all exchanges bounced to close moderately under Fridays closes. Data released today was not so promising with Industrial Output and Retails Sales both under expectation. No action is expected from the BOJ over the next couple of days as they commence their two day meeting. The Nikkei closes the day a little weaker whilst the JPY reversed Fridays gains. In late trading we see the Yen trading above the 105 level, well above month end numbers. The PBOC set the rate for the Yuan today at 6.764, against a Friday quote of 6.7810; in late US trading the off-shore was last seen at 6.7820.

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