As ‘Black Friday’ sales begin to kick-in, another muted day is expected across financial markets, in particular, the foreign exchange space. Thursday’s session produced a 0.35% trading range for both the GBPUSD and GBPEUR pairs; a little more than expected but still small in the grand scheme of things. The currency pair which has been most surprising of late has been the EURUSD pair – the most widely traded pair in the foreign exchange market with the largest flows too (>$1 trillion per day). The pair has essentially traded in a 1 cent range for over a month now and appears to have no ambition of breaking that habit.
US markets will reopen today for a half-day session. There will also be some economic data releases from various parts of the globe to keep participants moderately entertained. The morning session sees German retail sales numbers as well as unemployment. There’ll also be French GDP and eurozone composite inflation readings. In the afternoon, Canadian GDP will dominate the agenda and don’t forget, end of month re-balancing may also impact the currency markets.
We’ll soon arrive into the month of December which will see another key political event take place in the UK. For any businesses or private individuals who may be exposed to this event, please take time to consider the potential implications and do not hesitate to contact your FX dealer at Cornhill should you wish to discuss how to mitigate any possible risks.
Have a good weekend…
Written by Viv Savani. 8:40am, November 29th 2019
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