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Lacklustre day sees euro edge higher

20th December 2017 Market Update

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🇬🇧 GBP – Governor Carney is due to testify on the November Financial Stability Report before the Treasury Select Committee today, dwindling numbers on trading floors could see some movement here however.

🇪🇺 EUR – The euro enjoyed a solid day yesterday despite data missing expectations. Nothing of note out today from the Eurozone.

🇺🇸 USD – The last remaining source of potential volatility could come from the US with Trump’s tax plan bonanza. It seems like he will finally get this through, however the likelihood of an immediate spike in demand for USD as foreign companies repatriate overseas earnings to enjoy a softer tax rate seems unlikely.

 

Key Announcements

🇬🇧 GBP
10:00am: IMF Report on UK Economy
13:15pm: BoE Governor Mark Carney Speech

🇺🇸 USD
14:00pm: Existing Homes Sales
15:30pm: Crude Oil Inventories

🇳🇿 NZD
21:25pm: GDP

 

Summary: A lacklustre day yesterday for many of the majors saw the euro win proceedings. This was despite Germany’s Ifo December business-climate index falling from the record highs seen in November. Elsewhere Trump continues with his attempts to push through his tax reforms, Republicans yesterday pushed through the House of Representatives, leaving just one round of voting before Trump can write into law. In South Africa the much-maligned Jacob Zuma seems to be finally losing his grip on power with Cyril Ramaphosa winning a presidential ruling on Monday, the rand is up 8% since November as the Ramaphosa has gained momentum.

 

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Darren Kilner

Darren Kilner

Darren is Head of Dealing at FairFX. Darren lives and breaths FX, his Mastermind topics are G8 currencies and economic forecasts.

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