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Daily Briefing –Thursday, November 23, 2017

Europe

Brexit continues to affect the Pound, with it gaining confidence following Prime Minister May’s agreement to up its divorce bill payment. The news spurred Sterling on by 0.7% to $1.3147 against the USD. German political uncertainty is affecting the Euro, with it rising by 0.14% against the USD with news that a new election might be averted. Until the crisis ends, the Euro is likely to remain “nervous and volatile”.

 

US

The USD is at a 3 week low following last night’s FOMC minutes. Fed Reserve officials have expressed concern that financial market prices are out of control. The S&P 500 and the Dow fell slightly on Wednesday, after the Fed Reserve minutes implied that tightening could be more restrained than previously expected due to weak inflation. A December rate hike is widely expected.

 

Asia

Asian stocks have reached an all-time high with the Hang Seng breaking the 30,000 point. At the end of the day however, the Indexes were subdued at the end of the day, with Shanghai, DJ New Zealand and even the Hang Seng falling by close to 300 points on the previous days figures. Japan defied the wider Asian pattern with the Nikkei rising to a 2 week high.

 

 

 

Commodities

Reacting to FOMC, Gold is approaching the $1,300 level. Oil prices surged, with WTI at the highest since 2015, close to the $60 level.

 

 

Today’s Events

09:00 AM GMT EUR Markit PMI Composite (Nov)
09:30 AM GMT GBP Gross Domestic Product
12:30 PM GMT ECB Monetary Policy Meeting Accounts
0:30 AM GMT+1 JPY Nikkei Manufacturing PMI

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