More data today before quiet in the currency markets
23 December, 2014
The pound spent much of Monday trading in a tight range across the board of major currencies with no data to speak of for the UK and only a handful of low key Eurozone releases. Come the afternoon with the US open and the release of existing home sales, which posted -6.1 percent, compared to a predicted 0.8 percent. Despite the big negative swing, sterling/dollar didnt react at all, whereas euro/dollar declined slightly but nothing of major concern.
Tuesday is a very different story, so anyone looking to tie up your trade before the Christmas break would be wise to keep their comms open just in case we have some volatility.
We kick off with UK mortgage approvals and current account data, followed by GDP. There is a slight fall in growth predicted so if the change is more than expected we will almost certainly see sterling fall in value across the board. The UK’s ecostats releases finish with index of services and total business investment figures. So by 9.35am it will be all over and the markets will be trading accordingly, but which way will it go?
Next up from 1.30pm we have Canadian GDP, US GDP, US durable goods orders and personal consumption figures. Half an hour later we the Redbook index and house price index, followed at 3pm with US personal consumption expenditure, personal spending and the Richmond Fed manufacturing index.
So a raft of US stats to move the dollar in amongst some major economies GDP readings. It’s going to be another busy day as we wind up for the Yuletide break, so avoid getting caught out by the bank holidays and speak with one of the CI team today.
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