6th December 2017 Market Update
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?? GBP – The pound’s movement this week has been entirely governed by Brexit. With the prospect of a deal being announced on Monday, the currency shot up in value – only to retrace when it became apparent that we are not there yet. Services PMI data yesterday, which is ordinarily a key economic indicator, had no effect on Sterling, despite falling short of expectations. Traders are focusing solely on Brexit and the prospect of progress at some point in the near future.
There is no Sterling data due today.
?? EUR – There has been very little action in the zone recently and yesterday was no exception, with no key data published.
There are no releases of note today.
?? USD – Yesterday’s Non-Manufacturing PMI data came in below expectations, but still well above the 50.0 level indicating industry expansion, rather than contraction. This had no effect on the dollar, which saw little movement throughout the day.
This afternoon provides a key monthly piece of data, the Non-Farm Employment Change figure. This is the estimated change in the number of employed people during the previous month, excluding the farming industry and government. The forecast is for a weaker reading than previous.
14:15pm: ADP Non-Farm Employment Change
16:00pm: Interest rate decision and BOC statement
Summary: Brexit negotiations have once again hit the buffers, with the Irish border providing the latest disagreement. As a result, Sterling has been up and down over the past couple of days. The euro and US dollar remain subdued.
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