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Daily Briefing –Thursday, November 30, 2017

Europe

Good news for Sterling today. News that the UK and Europe are nearing agreement on the Brexit divorce bill, boosted the GBPUSD, up 0.77 percent on Wednesday. A rise in the German Flash Consumer Price Index raises the possibility of inflation. This made the EUR go up slightly against the greenback. More economic news out today from Germany and the EU. How will the EUR react?

 

US

The dollar index for November fell by 1.5 percent as investors wait for the senate vote on tax reform. Traders should keep an eye on the progress of the tax legislation to gauge USD movement.

 

 

Asia

A fall in technology stocks has been felt in Asian markets as Hong Kong, South Korean, Taiwan and Australian stocks fell. Japan’s NIKKEI finished the day up by 0.57%. The Chinese Nonmanufacturing Purchasing Managers Index and the official manufacturing PMI both rose. It remains to be seen whether this will increase confidence in Asian markets.

 

 

Commodities

As pointed out yesterday, experts have been warning that the Bitcoin bubble would burst. This happened yesterday, with it crashing to $8,500 and then recovering to around the $10,000 figure. On the Crude Oil front the markets wait expectantly for news from the OPEC + Russia decision as to whether to extend production cuts. Traders – follow this news item as Oil prices can be expected to react.

 

Shares

US stocks saw a good day yesterday with the S&P 500 up by 0.8%, The Dow Jones by 0.64% and NASDAQ by 1.1%. Investors were also encouraged by Fed Reserve Chair Yellen’s remarks that it is not “a bubble economy”.

 

Today’s Events

09:00 AM GMT Germany: Unemployment Rate & Unemployment Change
10:00 AM GMT EU: Consumer Price Index
13:30 AM GMT US: Core Personal Consumption Expenditure  -Price Index

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