Daily Video Analysis: Japan is Having Elections?!

Good morning and welcome to CupO’Forex. This is David Frank with your daily video analysis for Wednesday, November 19.

Well, Japan is going to early elections. That is the big surprise this morning. Prime Minister Shinzo Abe announced this despite holding back with the second tax hike and relatively solid employment numbers. This was bit of a surprise which sent the Nikkei lower and the yen soaring through 117. Late today we will be watching the Bank of England (BOE) as their Monetary Policy Committee (MPC) will have their monetary policy meeting and decide on rates and fiscal policy. These announcements will be around 9:30 GMT today.

This afternoon, the United States will release building permits. We expect this number to come in solid as we are seeing a recovery in the U.S. housing market. We will also get the minutes from the last Federal Reserve policy decision (FOMC). We will look to see who stand where with raising rates and normalizing policy. Should be interesting.

We will follow up with the surprise election in Japan as well as the BOE policy meeting today. Have a great day trading!