Daily Market Update - 5th December 2018
The Euro traded high on Tuesday against the Dollar although once again, it was unable to hold on to gains turning negative for the day in the US Trading Hours President Trump's confident tweet about trade talks going underway, boosted the Dollar. Fed speaker, Williams said that he sees further gradual hikes over "the next year or so," adding that the Fed could change forward guidance. Early London, the ECJ General Advocate published an opinion in which he said that the UK could individually revoke Brexit, spurring demand for Sterling, later reversed by dollar's strength and a statement from May's spokesman, saying that the government is not planning to cancel Brexit. The pair turned extremely volatile in the US afternoon on the back of UK Parliament-related headlines. UK's MPs voted the government in contempt over Brexit legal advice, ordering the government to publish it immediately, triggering Pound's decline. This Wednesday will bring the final November Markit Services and Composite indexes for both economies and EU October Retail Sales. The PMI service released by the Markit Economics is an indicator of the economic situation in the Euro Zone services sector. It captures an overview of the condition of sales and employment. It is worth noting that the European service sector does not influence, either positively or negatively. BoC Interest Rate Decision is announced by the Bank of Canada. If the BoC is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the CAD. Likewise, if the BoC has a dovish view on the Canadian economy and keeps the ongoing interest rate, or cuts the interest rate it is seen as negative, or bearish. Yesterday’s Focus
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