Daily Briefing – Tuesday, December 12, 2017
Today in the currency markets, keep an eye on Sterling and the Euro. In Britain, anticipation of key inflation data out today has caused the GBP to fall against the USD. Economists expect today’s figures to show a rise in consumer prices. Last month also saw rising prices. This led the Bank of England to raise interest rates. European Central Bank (ECB) President Draghi, will be making a speech today. His public interventions are always watched closely and the EUR may react.
The USD fell yesterday against major currencies yesterday, but expectations of an interest rate rise on Wednesday cushioned the fall. How will the greenback react to the economic day coming out of the UK and Europe today? The USD rose slightly against the CAD yesterday, but crude oil data to be released today by the API may move this pair. The Canadian economy has a large crude oil sector.
December has been a rather weak month for the AUDUSD but beware of the speech today by RBA governor Philip Lowe. The Aussie may very well react. In the Asian markets, investors will be watching Japan’s Machine Orders figures closely today at 23:50 GMT.
Crude prices have risen for three consecutive trading sessions, with Brent now trading at $64.82 and WTI at $58. Follow the API crude oil data to be released today, Brent and WTI may move as a result. Bitcoin continues to rise. Yesterday it passed the $16,710 mark, falling later to $16.206.
|09:30 AM GMT||GBP: Consumer Price Index|
|19:00 PM GMT||EUR: ECB President Draghi’s speech|
|22:15 PM GMT||AUD: RBA Governor Philip Lowe speech|