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GBP Gains but Currency Movement Limited before New Year Break

Pound News: Surprise Rise in UK Mortgages Boosts Sterling

The Pound attempted another modest rebound yesterday. A surprise jump in UK finance mortgage approvals softened concerns that UK household activity had been severely hindered by political uncertainty towards the end of the year.

No notable UK data will be published today, leaving Sterling to be driven largely by strength in rivals until manufacturing and construction PMI data is published on Thursday and Friday.

Euro News: Trade and Growth Hopes for 2020 Support EUR

As 2019 draws to an end, signs of recovery in Eurozone data are causing markets to bet that 2020 may be a brighter year for the Eurozone and the Euro. Hopes for better global trade and growth, alongside weakness in its rival the US Dollar, helped the Euro enjoy a resilient performance yesterday.

The Eurozone’s economic calendar will remain quiet until the New Year.

US Dollar News: Market Risk-Sentiment Weighs on US Dollar

The US Dollar remained in the doldrums yesterday despite some stronger than expected US goods balance data and a stronger Chicago PMI. Other US data, including wholesale inventories and Dallas Fed manufacturing data, fell short. With US-China trade hopes dominating headlines, investors continued to sell the safe-haven US Dollar.

US house price and consumer confidence stats may inspire some modest USD fluctuations this afternoon.

Canadian Dollar News: CAD Weakens after Strong Year

The Canadian Dollar was one of 2019’s best-performing major currencies. However, amid recent weakness in Canadian data, Bank of Canada (BoC) interest rate cut speculation is flaring up again and is keeping pressure on CAD.

The Canadian Dollar may remain on the back foot until Thursday and the next Canadian data release.

Australian Dollar News: US-China Trade Deal Hopes Keep ‘Aussie’ Afloat

The Australian Dollar was one of yesterday’s better-performing major currencies, avoiding losses against a rebounding Pound. This is because the risk and trade-correlated ‘Aussie’ continues to find support from improving US-China trade relations.

US-China speculation will continue to drive AUD today. ‘Aussie’ movement could be fairly limited until Thursday when Australian manufacturing data will be published.

 

Upcoming Data 

Tuesday, 31st December

14:00    US House Prices

15:00    US CB Consumer Confidence

 

James Spurway
Director of Sales and Dealing

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