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Euro has maintained momentum

22nd December 2017 Market Update

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?? GBP – Sterling has lost some ground versus the euro as the week has gone on, though has recovered slightly this morning. Later this morning sees the publication of the UK’s Current Account balance. This is a quarterly figure and is essentially a difference in value between income flows and unilateral transfers. Ordinarily, this would be a keenly anticipated piece of information, but with Brexit dominating proceedings we may see little impact.

?? EUR – The single currency has enjoyed strong gains throughout the week against both its major counterparts. Heading into the New Year, there is nothing to suggest any immediate weakness moving forward.

There is no data due out today.

?? USD – The dollar has been relatively quiet of late, even with the recent tax reforms and interest rate increase. Along with the pound, there has been some weakening off versus the euro.

This afternoon brings Core Durable Goods Orders m/m and is a leading indicator of production. A particularly strong figure could give the dollar the nudge it needs.

 

Key Announcements

?? GBP
10:30am: UK Current Account Balance

?? USD
14:30pm: US Core Durable Goods Orders m/m

 

Summary: As this is the final report of the year, may we take this opportunity to wish you all a happy and peaceful festive period.
 
There was little out yesterday to move markets, though the euro has managed to sustain some momentum towards the end of the week. Today sees the quarterly UK Current Account report, which can have an effect on the pound. This afternoon sees Core Durable Goods Orders data from the US.

 

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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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