Good morning
Friday was another day of US dollar strength, a combination of risk-off for European countries over Ukraine and also weaker EU and UK PMI’s, but stronger US PMI’s helped support the USD. GBPUSD traded to a low around 1.2485, EURUSD 1.0330 although both were off the lows into the weekly close. Since the open we have seen a slightly softer USD, GBPUSD just breached 1.26 and EURUSD just broke 1.05 although both are off those highs now, at 1.2555 and 1.0455 respectively. GBPEUR is 1.2005.
US Thanksgiving this Thursday, and Friday, the original black Friday, is pretty much a non-day as well, this can give a real holiday feel to the whole week although Wednesday does bring a host of US data including GDP and PCE, plus of course we have the ongoing geopolitical risks to contend with, so it might be a bit early to say ‘sit back and enjoy the rest’.
Once the German IFO is out of the way this morning, todays calendar has little to offer other than a few central bank speakers. Whether this means the markets will remain calm is another matter of course.
Not sure what weather you got over the weekend, I know some areas were hit quite badly by Storm Bert, we seemed to get away with it in the whole, just some very strong gusts and intermittent rain was all we had to contend with. It was actually pretty useful, taking most of the remaining leaves off the trees and still being decent enough for me to get out and gather them up. It’s not quite the end of it, but we’re not far off now.
I do have to mention Spurs, an incredible 4-0 victory over Man City was the highlight of the weekend although Mark will be very cross if I don’t mention the fact that Leeds Utd are now top of the Championship after a late win over Swansea yesterday. England’s rugby team finish the Autumn Nation Series with a win, beating Japan and scoring nine tries in the process. Small consolation after some disappointing results but hey, we’ll take the win.
Congratulations to Max Verstappen for winning his fourth consecutive F1 drivers title. It was closer than some has expected, the Red Bulls are nowhere near as dominant as in previous seasons, currently in third place in the constructors championship with just two races to go.
I had one thing to really do over the weekend and I have to say I failed. I tried to see Wicked at the cinema but had underestimated its popularity and there were no decent seats at decent times so I’ll have to wait a bit for that. Its pretty good by all accounts.
Anyway, one month until Christmas, I don’t feel particularly prepared, and while there is still plenty of time we all know how quickly that can pass. What better time to start shopping than black Friday…….
Have a great day
- 09.00 German IFO
- 09.00 BoEs Lombardelli speaks
- 10.30 BoEs Dhingra speaks
- 16.30 ECBs Lane speaks
- 17.30 ECBs Nagel speaks
Comments