27th November 2019 Market Update
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🇬🇧 GBP – Sterling fell from its strong performance yesterday after opinion polls outlined the gap between the Conservative and Labour party has reduced. A Kantar Poll published that the Tories lead was cut from 18 to 11 over the past week. YouGov released a poll yesterday evening showing Conservatives 43% and Labour 32%, both up from their previous reading. Despite this, Corbyn’s tax promises felt the heat from BBC’s Andrew Neil’s interview after admitting that promises made within the Labour manifesto aren’t viable. Sterling clawed some of its losses back against the dollar later in the afternoon due to some poor figures from the US.
No other data was released from the UK, but the focus will remain on tonight’s YouGov MRP Poll. This poll deems to have more effect on the market as it’s taken from a sample of around 50,000 people, whereas normal polls use only 1,000 to 2,000.
🇪🇺 EUR – There was no major data or events from the EU yesterday and only German Import prices due today. This isn’t expected to impact the market.
🇺🇸 USD – The buck once again maintained rangebound against its majors as investors keep a watchful eye on the US-China progression. Both sides met yesterday to discuss the related issues and agreed to maintain regular communication, with hopes of a ‘Phase One’ completion. The FX market has given up playing headline ping pong, therefore with a short week the dollar remains muted. Consumer confidence fell to 125.5 yesterday which caused a slight movement in the market; however, focus will turn to today’s personal spending at 16:00.
GBP: Sterling muted ahead of ‘key’ poll
EUR: No major news from Eurozone
USD: Personal spending data in focus
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