Previous Day's Market Highlights
The calendar finished on a fairly quiet note on Friday following Thursday’s Thanksgiving holiday in the US. Preliminary PMI figures from Markit indicated that both the manufacturing and services sectors grew at a slower pace in November. The under-forecast data combined with the holiday contributed to the dollar’s weakness at the end of the week.
Whilst the dollar continued to drift lower, the euro remained relatively strong, which saw euro-dollar up over 0.8% to above 1.1900, two-month highs. Sterling-dollar regained 1.3300, whilst sterling-euro fell below 1.1200 for the first time in a week.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
|GBP / EUR||1.1173||1.1451||1.1092||3.14%|
|GBP / USD||1.3328||1.3360||1.3039||2.40%|
|EUR / USD||1.1928||1.1944||1.1553||3.27%|
|GBP / NZD||1.9388||1.9537||1.8787||3.84%|
|GBP / CAD||1.6943||1.7171||1.6589||3.39%|
Today's Market Highlights
US data are in focus again today, with New Home Sales projected to have slowed in October (13:30 GMT). This may weigh on the dollar, maintaining its relative weakness. Price action may be more limited overall today given the light calendar.
The Fed’s Kashkari, who has recently struck a more dovish tone on the odds of a December rate hike, will speak at Winona State University’s Town Hall forum, with audience questions expected (22:30 GMT). Later, Dudley is to speak in a panel discussion on “US Economy: 10 Years after the Crisis”.
The Fed will be in close focus this week with incoming Fed Chair Powell’s confirmation hearing on Tuesday and testimony by current Fed Chair Yellen before the Joint Economic Committee on Wednesday. The Fed is widely expected to raise interest rates when it meets in two weeks.
Other highlights this week include expected speeches from BoE Governor Carney and US Treasury Secretary Mnuchin. Among the week’s notable economic releases are US Consumer Confidence, the second estimate of Q3 US GDP, preliminary November Eurozone CPI, and the UK’s Manufacturing PMI.
Today's Economic Calendar
|15:00||USD||New Home Sales MoM (Oct)||0.625M||0.667M|
|15:30||USD||Dallas Fed Manufacturing Business Index (Nov)||24.0||27.6|
|22:30||USD||Fed Member Kashkari Speaks|
|00:00||USD||Fed Member Dudley Speaks|
|07:00||EUR||Gfk German Consumer Confidence Survey||10.8||10.7|