Previous Day's Market Highlights
A quiet UK data calendar left attention firmly on remaining Brexit uncertainties, which put pressure on the pound. As EUR/USD tested 1.19, GBP/EUR fell below 1.13 and GBP/USD tested 1.34 before later correcting lower. Confirmation of the House’s passing of the US tax bill was likely largely priced in and had limited effect on the dollar.
Overnight, Gfk Consumer Confidence in the UK fell from -12 to -13, a four-year low, which was attributed to Brexit and the BoE rate hike.
The kiwi dollar jumped overnight after Q3 economic growth figures surprised to the upside. GDP rose 0.6% from the previous quarter and 2.7% compared to the same period a year prior. GBP/NZD fell over 0.6% to below 1.91.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
|GBP / EUR||1.1251||1.1509||1.1133||3.27%|
|GBP / USD||1.3358||1.3550||1.3220||2.44%|
|EUR / USD||1.1872||1.1961||1.1717||2.04%|
|GBP / NZD||1.9100||1.9836||1.9080||3.81%|
|GBP / CAD||1.7141||1.7468||1.6857||3.50%|
Today's Market Highlights
An increase in Eurozone Consumer Confidence to a 17-year high could strengthen the euro this morning. Confidence is forecast to tick up to 0.2; it hit a low of -34.7 in 2009.
The dollar is in focus this afternoon (13:30 GMT). Releases include the final estimate of Q3 GDP, expected to remain unrevised at 3.3%, and weekly Initial Jobless Claims, forecast to tick up to 231K from 225K but hold well below the 300K level consistent with a strengthening labour force. Largely unchanged figures may have a muted impact.
For Canadian dollar traders, CPI and Retail Sales will be of interest (13:30 GMT). A pickup in inflation and Retail Sales could strengthen the loonie.
Today's Economic Calendar
|09:30||GBP||Public Sector Net Borrowing (Nov)||£8.300B||£7.464B|
|12:30||USD||Philadelphia Fed Manufacturing Survey (Dec)||21.5||22.7|
|13:30||USD||Chicago Fed National Activity Index (Nov)||0.09||0.65|
|13:30||USD||Initial Jobless Claims (15 Dec)||231K||225K|
|13:30||USD||GDP Annualised (Q3)||3.3%||3.3%|
|13:30||CAD||Retail Sales MoM (Oct)||0.3%||0.1%|
|13:30||CAD||Core Retail Sales MoM (Oct)||0.4%||0.3%|
|13:30||CAD||CPI YoY (Nov)||2.0%||1.4%|
|13:30||CAD||CPI MoM (Nov)||0.2%||0.1%|
|13:30||CAD||Core CPI MoM (Nov)||0.2%|
|14:00||USD||Housing Price Index MoM (Oct)||0.4%||0.3%|
|15:00||EUR||Prelim Consumer Confidence (Dec)||0.2||0.1|