europe union building

Euro climbs as participants dwindle

21st December 2017 Market Update

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?? GBP – Sterling remains range bound against the dollar. It has started to lose ground however against the euro in light of broader euro strength across the board.

?? EUR – The euro continues to steadily rise across the board, an indication of improving sentiment toward the euro.

?? USD – No notable events for currency movement.

 

Key Announcements

?? GBP
09:30am: UK Public Sector Net Borrowing

?? CAD
13:30pm: CPI, Retail Sales

?? USD
13:30pm: Final GDP, Philly Fed Manufacturing

 

Summary: The euro yesterday continued its steady rise as market participants continue to filter away for the festive season. This perhaps could be an indication of general market sentiment next year, as the ECB have thus far kept their powder dry, maintaining low rates and QE, if they start to unwind this the euro is likely to appreciate strongly.
 
Elsewhere Damian Green, Theresa May’s deputy PM has stepped down in disgrace after a series of allegations regarding misuse of government computers, this will add further uncertainty to GBP going into next year.

 

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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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