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Euro rises to six week high after Eurozone PMIs impress
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24 November 2017
Senior Market Analyst at Ebury. Providing expert currency analysis so small and mid-sized businesses can effectively navigate international markets.
With markets closed in the US in mark of Thanksgiving Day on Thursday volatility was light and the major currencies mostly traded within narrow bands.
ECB members Coeure and Constancio will both be speaking in the Eurozone today. Absent any surprises, investors will already have one eye on next week’s inflation release.
Pound hovers around seven week highs, UK GDP unrevised
Sterling continued to hold its own against the US Dollar, trading mostly sideways throughout the London session around its strongest position in nearly seven weeks. Investors appeared unfazed by Philip Hammond’s Budget announcement on Wednesday, in which he revealed a set of gloomy economic forecasts for the UK. As expected, the updated set of third quarter growth figures were left unrevised yesterday, with the UK economy growing by a reasonably respectable 0.4% in the three months to September.
Theresa May will be in the spotlight again today as she travels to Brussels to meet with EU negotiators.
US trading quiet amid Thanksgiving Holiday
With US financial markets closed yesterday in mark of Thanksgiving Day there was very little to report in terms of economic or political announcements.
Amid the thin, lacklustre trading session, the US Dollar index was barely moved, hovering around its lowest level since mid-October after Wednesday evening’s Federal Reserve meeting minutes voiced concern over the state of inflation in the US. Despite warning developments in low inflation could prove more persistent, policymakers hinted that an interest rate hike was ‘likely’, and we see little reason to abandon our call for another rate hike in the US at the next FOMC meeting in December.
Activity will pick up pace in the US today. The latest business activity PMIs from Markit this afternoon could shift the greenback if they deviate from consensus.
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