Daily Briefing – Wednesday, December 20, 2017
German Ifo Business Confidence fell yesterday, hampered by political stalemate but this was no impediment to the EUR which closed the day up 0.45% against the GBP and 0.47% against the USD. Sterling fell yesterday against the greenback but all eyes today on Governor Carney’s speech this afternoon.
The USD rose yesterday, egged on by positive housing data but was still held back by investor doubts about the effects of the new tax legislation. In the Asian session this morning, the greenback is up against the JPY, pending another vote on the tax reform bill by the US House of Representatives.
South Korean stocks have fallen, with Samsung Electronics lower at 2,472.37 and Hyundai losing 0.33 percent. South Korean retailers have also seen losses triggered by the news that Chinese tour groups are once again banned from visiting the country.
US crude rose by 0.31 percent yesterday, as did Brent which went up by 0.24 percent. What will happen today when the EIA crude oil stocks data is released? On the Bitcoin front, the cryptocurrency tumbled yesterday as Coinbase, is the leading platform for buying and selling BTC in the US, said that it would start buying and selling Bitcoin Cash, a rival digital currency. Later on BTC recovered somewhat. Traders, keep an eye on digital currency developments for investment opportunities.
The Dow and NASDAQ soared yesterday ahead of the crucial vote in the senate. The Dow rallied by 140 points and NASDAQ went up close to 7000. The US tax reform saga will probably reach its grand finale today.
|09:00 GMT||EUR: Current Account|
|13:15 GMT||GBP: BOE Governor Carney Speech|
|15:30 GMT||USD: EIA Crude Oil Stocks|
|21:45 GMT||NZD: Gross Domestic Product|