There was very little in the data calendar yesterday so markets were relatively subdued. Whilst there were no real spikes or aggressive moves there was still some movement over the course of the day.
Sterling started the day where it ended Monday’s trading, on the back-foot & getting hammered against most counterparts. Seemingly with the words of Mrs May still ringing in traders’ ears the Pound traded as low as 1.2107 (-0.33%) & 1.1409 (-0.44%) against the US Dollar & Euro respectively yesterday morning, however a solid recovery in the afternoon saw the Pound close down just 0.06% versus the Dollar at 1.2150 & above the 1.1500 level versus the Euro.
Small businesses in the US appear to be as confident as ever following Trump’s election victory. The NFIB Small-business sentiment measure hit a 12 year high in December, with a reading of 105.8 smashing the expected print of 99.6.
The only other data of any note released yesterday included:
Canadian Building Permits m/m -0.1% (+2.4% Exp)
US JOLTS Job Openings 5.52M (5.59M Exp)
Outgoing US President Obama gave an emotional farewell speech last night in Chicago; fittingly the City where he declared victory in 2008. Signing off Obama said “Yes we can. Yes we did.”
Wasting no time at all according to NY Times, US President-Elect Trump has already pressed his republican party to move forward and repeal Obamacare, with a replacement soon after.
An economic report from World Bank has forecast global growth to accelerate to 2.7% in 2017. The report highlights Trump’s touted tax cuts as a potential boost to US and Global economy.
Globally we have an empty data calendar today, however domestically we have plenty of UK based data that could impact Sterling exchange rates. Key will be UK Manufacturing Production due at 9.30 am with a rise of 0.6% expected.
MAJOR CURRENCY PAIRS Current at time of distribution
% Change on Day
Current at time of distribution
Manufacturing Production m/m
UK Goods Trade Balance
UK Industrial Production m/m
ECB’s Juncker Speaks
BOE Governor Carney Testifies
NIESR GDP Estimate
US Fed’s Dudley Speaks
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