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Daily Briefing – Monday, December 11, 2017

Europe

On Friday the European Union and Japan announced the conclusion of negotiations on a free trade deal. This signifies the creation of the world’s largest economic bloc, making up 30 percent of global output. How will the EUR move when markets open today?

 

US

On the American front, the Federal Reserve is widely expected to raise interest rates for the last time in 2017, especially in the light of the positive NFP figures released on Friday. The US economy added 228,000 jobs in November, more than forecast. Follow USD currency pairs today.

 

 

Asia/Oceania

Asian shares have been rising today, spurred on by the positive employment figures out of the US on Friday. The Nikkei went up to a 26 year high with stocks also gaining ground in Hong Kong and China. Will the news of the free trade agreement boost the JPY today? In New Zealand, the appointment of a new governor of the country’s central triggered the NZD to rally by 0.7 percent.

 

Commodities

Bitcoin is the news today. Futures on the cryptocurrency surged by up to 25 percent when it was launched on the CBOE (Chicago Board Options Exchange) futures exchange in Chicago at 23:00GMT on Sunday. Next week, the digital currency is expected to be listed by the Chicago Mercantile Exchange. The CBOE saw Bitcoin climb from $15,000 to above $18,000. Does this mean that the controversy around the cryptocurrency has died down? Not at all. The latest economist to warn against the Bitcoin Bubble is Reserve Bank of New Zealand Acting Governor Grant Spencer who warned last week that the cryptocurrency is “a classic” bubble case.

 

 

 

Today’s Events

18:00 PM GMT USD: 10 Year Auction Note
23:50 PM GMT JPY: Domestic Corporate Goods Price Index
00:30 AM GMT+1 AUD: Mid-Year Economic & Fiscal Outlook

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