Daily Macro Update: Data seen through prism of central bank actions, Argentinian election an opportunity for the economy

Nick Batsford, CEO of Tip TV, was joined by Marc Ostwald, Market Strategist for ADM Investor Services, when he opened the Tip TV Finance Show on Monday 23rd November to discuss the chances of action by the Fed and ECB, as well as the Argentinian election and the Fed decision on Discount rates today.

Central banks remain the main topic for the global economy

Ostwald outlined that all data and news is currently seen through a prism of central bank actions, with both the Fed and ECB expecting to act in December. He continued that 13 basis points is priced in for a deposit rate cut from the ECB, with the market also 75% sure of a Fed interest rate hike. Batsford highlighted FX Street, who noted that a rise in the discount rate could be read as commitment to lift-off in December and trigger the last leg up in the USD index.

Macri defeats Scioli in Argentina

Batsford highlighted Elliott, who commented that the two-term Mayor of the city of Buenos Aires, erstwhile businessman and ex-president of the Boca Juniors football team Mauricio Macri won 51.5% of the presidential vote. The reformist centre-right opposition leader beat Peronist continuity candidate Daniel Scioli at Sunday’s elections ushering in what many hope to be a new era for the embattled country. Ostwald added that this is very significant for Argentina, with his policies on oil/energy and agriculture being vital as the agricultural vote won him the election.

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