Quote of the day: “Don’t wish it were easier. Wish you were better.”
December 10th: Highlights
- UK Trade Balance
- BoE MPC meeting
- Mark Carney speech
- SNB meeting
- Weekly US jobless claims
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The USD has softened a little this week, ahead of next week’s interest rate decision in the US, with Cable moving from the lows of 1.4950 back up to challenge the 1.52 levels. Following the ECB last week, where we saw the ECB implement stimulus as expected, but fail to deliver the programme size that the market had forecast, the risk is that the FOMC may follow suit and disappoint the market, which may result in further Dollar weakness.
Last night, news broke that South Africa President Zuma had sacked his finance minister, Nhlanhla Nene. The ZAR dropped like a stone, breaking 23.00 against GBP, as his departure casts doubt on the commitment to tackling the fiscal deficit.
The NZD is up today as a result of the RBNZ’s decision to cut interest rates to 2.5% (from 2.75%). The move was widely expected, and was accompanied by comments confirming that the bank expects to achieve inflation target “at current interest rate”, the NZD moved higher following the announcement.
Have a great day!
Morning mid-market rates – The majors
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