Sterling still high

10th December 2019 Market Update

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?? GBP -  With the general election only 2 days away sterling rallied to a new 31-month high against the Euro and the highest level since April against USD. Yet again traders pointed towards the Conservative party maintaining a majority in the polls as the reason behind the pound strengthening yesterday. The final and most significant poll is taking place this evening at 10pm - the YouGov MRP poll which accurately predicted the 2017 general election.

At 9.30am there is various UK data. The headline reading is the GDP monthly figure for October which is expected at 0.1%, better than last month’s -0.1%. There are also annual and monthly Manufacturing Production and Industrial Production figures.

?? EUR - There was no significant data released or news yesterday to effect the Euro. Looking forward to today; at 10am there is EU ZEW Survey for Economic Sentiment for December expected at -17.7, significantly worse than the last reading of -1. There is also German ZEW Survey for Economic Sentiment for December expected at 0, better than last reading of-2.1.

?? USD -  Sonny Perdue, The US Secretary of Agriculture, reported that President Trump does not want to implement tariffs on China, however, he did not want to see “movement” from the Chinese on their stance towards trade with the US. Perdue commented on this as the next round of US tariffs on Chinese imports are due to take effect on 15th December.

At 1.30pm US Nonfarm Productivity for Q3 is expected at -0.1%, improved on the last reading of -0.3%.

 

Summary:

GBP: YouGov MRP poll at 10pm this evening
EUR: Economic sentiment figures in focus
USD: Dollar still on the back foot

 

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