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Hard Brexit Fears Could Cause Festive Period Market Gloom

Pound News: Sterling Rebounds from Week of Losses

After plummeting for most of last week, the Pound saw a rebound in demand on Friday afternoon. Investors bought the British currency back from its cheapest levels, thanks partially to some stronger than expected UK growth data.

Fears of Brexit uncertainty lasting through 2020 are likely to keep the Pound under pressure going forward though. Amid a lack of notable UK data today, Brexit speculation will drive Sterling movement.

Euro News: Recovery in Rivals and Mixed Data Leaves Euro Floundering

Most of last week’s Euro gains were due to broad weakness in rivals the Pound and US Dollar. As those currencies rebounded on Friday, the Euro weakened. Friday’s Eurozone confidence data also fell short of forecasts and put further pressure on the Euro.

Reaction to German import prices could influence the Euro’s movement today, but the shared currency may continue to be more driven by strength in rival currencies.

US Dollar News: US Data Softens Federal Reserve Rate Cut Speculation

After weeks of weaker performance, the US Dollar ended last week on a stronger note. The latest US growth data was a little stronger than expected, boosting hopes that the Federal Reserve would avoid cutting US interest rates next year and supporting the US Dollar.

The US economic calendar is still fairly eventful this week despite the festive period. US durable goods orders from November could influence USD movement today, as could shifts in market risk-sentiment.

Canadian Dollar News: Revived Bank of Canada (BoC) Rate Cut Bets Knock CAD

The Canadian Dollar ended last week on a bearish note following days of strong performance. A shock contraction in Canadian retail sales revived Bank of Canadas (BoC) interest rate cut speculation, boosting a late-week GBP/CAD recovery.

The Canadian Dollar could be in for further losses if today’s Canadian growth rate report falls short of expectations, as this could cause further BoC interest rate cut speculation.

Australian Dollar News: ‘Aussie’ Remains Strong on Australian Job Market Report

The Australian Dollar rounded off last week as one of the week’s best-performing major currency. Investors remained bullish on the currency after Thursday’s strong Australian job market report doused Reserve Bank of Australia (RBA) interest rate cut speculation.

‘Aussie’ investors may react to this morning’s Australian private sector stats, but aside from that global trade and risk-sentiment is likely to drive Australian Dollar movement today and for most of the week.


Upcoming Data

Monday, 23rd December

00:30    Australian Private Sector Credit

13:30    Canadian Growth Rate

13:30    US Durable Goods Orders

13:30    US Chicago Fed National Activity Index

15:00    US New Home Sales


James Spurway
Director of Sales and Dealing

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