europe union building

Brexit: The saga continues

18th December 2017 Market Update

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?? GBP – From the UK on Friday the pound traded over a 100-point range against both the US dollar and single currency on the back of further positive Brexit talks in relation to an EU deal.

We have no major data out from the UK today.

?? EUR – The single currency remained stable versus the US dollar on Friday, despite an EU trade deal looking likely, it might be coming to a conclusion. The ECB interest rate meeting last Thursday came and went without much of fuss as the governing council kept the cards close to their chest unlike at November’s meeting where they singled further rounds of asset purchasing in 2018.

From the Eurozone today, we have data in the form of inflation numbers where we are expected to see an increase on the month, but an unchanged figure on the year.

?? USD – From across the Atlantic the greenback failed to make any inroads against the pound on Friday despite the respectable set of industrial production and manufacturing figures. We have no date from the United States today.

 

Key Announcements

?? EUR
10:00am: Eurozone CPI YoY – Expected 1.0%, previous 0.9%
10:00am: Eurozone CPI MoM – Expected 0.1%, previous 0.1%

 

Summary: Last week saw all three central banks make moves in relation to monetary policy with FOMC the only ones making a move with another rate hike, whilst the BoE and ECB took a more cautious approach. In relation to Brexit, the saga continues with a deal seemingly being struck with the EU in the way of a trade deal. Whether the market sees this as positive we will have to wait and see.

 

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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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