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Daily Briefing – Wednesday, December 6, 2017


No escape from the Brexit drama. Prime Minister May’s failure to come to an agreement with the Northern Ireland party that keeps her in power in Westminster, over the future border with Ireland, reflected on the GBP, which lost value against the USD and EUR. The EUR however, did not fare much better, itself declining against the USD as a result of poorer than expected European retail sales in October and a fall in Germany’s Markit services PMI. How will today’s Non-monetary policy’s ECB Meeting move the EUR?



The greenback gained value yesterday as the prospect of tax reform enters the final stretch but employment data out this week may tend to affect the USD: ADP Employment Change, Unit Labor Costs and Nonfarm Productivity will be released today at 13:15 PM GMT. Keep an eye on The Bank of Canada’s interest rate statement today. The USDCAD might be the pair to follow.




Asian markets have been falling today with Japan’s NIKKEI 225 falling by 1.97 percent, South Korea’s Kospi by 1.42 percent and Australia’s ASX 200 by 0.44 percent. In Oz, economic growth slowed down in the third quarter of 2017, contributing to the fall. The markets are now looking to the new home sales and trade balance figures in Australia tomorrow.




Beware of the Energy Information Administration (EIA) data due out tomorrow in the US. Based on past trends, the price of crude will react. On the Bitcoin front demand fuels demand. The cryptocurrency has broken another glass ceiling, bursting through the $12,000 figure.




Today’s Events

13:15 PM GMT USD: ADP Employment Change
13:30 PM GMT USD: Non-farm Productivity
15:00 PM GMT CAD: BOC Rate Statement & Interest Rate Decision
15:30 PM GMT USD: EIA Crude Oil Stocks change

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