Newsletter – 21st December 2017

Morning Bulletin


  • Trading was fairly muted yesterday with Sterling currency pairs closing the day largely where they had started.
  • The Eurozone’s Current Account showed a slightly smaller surplus than expected, with an actual figure of 30.8Bnversus the expected surplus of 33.4Bn.
  • According to the EU’s Chief Brexit negotiator Barnier any transitional period would have to end by the 31st December 2020.
  • Addressing the Treasury Select Committee yesterday afternoon the Bank of England Governor Mark Carney rejected Barnier’s suggestions that a bespoke treaty could not cover financial services. Mr Carney said that regulation had strenghtened significantly over the last decade and as such a trade deal could be feasible between the UK and EU.
  • Canadian Wholesale Sales m/m 1.5% (0.5% Exp)
  • US Existing Home Sales 5.81M (5.53M Exp)

  • The US House of Representatives gave final approval to the Republican Tax Bill overnight, paving way for a major rewrite of the US tax code and fulfilling one of President Trumps major campaign pledges.
  • New Zealand GDP q/q 0.6% as expected
  • The Bank of Japan held interest rates at -0.10% as expected.
  • UK GfK Consumer Confidence -13 (-12 Exp)
  • UK Public Sector Net Borrowing 8.1Bn (8.3Bn Exp)
  • Raft of data out of North America this afternoon with Canadian CPI and US GDP headlining. All key figures are due at 1.30pm.


Currency Pair Interbank Rate % Change on Day
GBP/EUR 1.1258 -0.06
GBP/USD 1.3377 +0.02
EUR/USD 1.1878 +0.06
AUD/USD 0.7656 -0.11


Time (GMT) Region Data Release Forecast Previous
13.30 CAD CPI m/m 0.2% 0.1%
13.30 CAD Core Retail Sales m/m 0.4% 0.3%
13.30 USD Final GDP q/q 3.3% 3.3%
13.30 USD Philly Fed Manufacturing Index 21.5 22.7
13.30 USD Unemployment Claims 232K 225K
15.00 EUR Consumer Confidence 0 0
15.00 USD CB Leading Index m/m 0.4% 1.2%