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Daily Briefing – Thursday, December 7, 2017

Europe

Both major European currencies, the EUR and the GBP fell yesterday against the USD. Sterling is still suffering from the British Prime Minister’s inability to present to the Europeans a proposal that is acceptable to her own government, sliding by 0.44% against the USD in the North American trade session. The EUR also declined against the USD after Germany’s construction PMI fell to a ten month low. On the European front however, don’t miss ECB president Draghi’s speech this afternoon, the EUR might very well react.

 

US

Fears that Trump’s recognition of Jerusalem as Israel’s capital might be a drag on the greenback proved unfounded and after a small glitch the USD bounced back up against major currencies, undoubtedly, spurred on by positive economic news in the form of the ADP nonfarm employment report. Keep an eye on the USD tomorrow Friday on the release of the Unemployment Rate & Nonfarm Payrolls.

 

 

Asia/Oceania

The AUD hasn’t been doing too well lately as have Asian shares. These have seen a two-month low, hampered by low oil and copper prices and uncertainty caused by aspects of US policy, especially fears of a backlash to its recognition of Jerusalem as Israel’s capital. Speaking to Reuters, Hirokazu Kabeya, chief global strategist at Daiwa Securities said that the Asian markets are just “going through a healthy correction after their rallies during the past three months, or six months” and there is no need to panic.

 

 

Commodities

The Bitcoin drama continues, with it breaking through $14,000 yesterday. On the crude oil front, prices rose slightly in the Asian markets after a decrease in US crude inventories. WTI went up by 0.4 percent and Brent crude by 0.44 percent.

 

Shares

Dell Technologies is scheduled to release its quarterly earnings result today. It last posted earnings on September 7th this year when it reported earnings of $1.88 per share. Keep an eye today on Dell share movement.

 

Today’s Events

10:00 AM GMT EUR: Gross Domestic Product
13:30 PM GMT USD: Jobless Claims
16:00 PM GMT European Central Bank President Draghi Speech
Friday, November 8, 2017
13:30 PM GMT Unemployment Rate & Nonfarm Payrolls

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