Quiet markets expected this week with US observing Thanksgiving on Thursday…
The pound begins the week on the front foot after the first big election poll (Datapraxis via YouGov information) came out over the weekend, revealing a forecasted 48 seat majority for the Conservative Party at next month’s election. The pound has leapt 30 pips higher from its Friday closing price. Sterling had a rough time on the final trading day of last week following some very weak ‘flash PMI’ releases. These are a new data points for markets to focus on and commenced as of last week. They reflected a weakening outlook in the UK so far across November and consequently led to a bad day for GBP, its worst in over 3 weeks.
As mentioned in the headline, all US markets will be closed on Thursday to honour Thanksgiving. Therefore, expect a very quiet end to the week with the majority of US participants taking the 2nd half of this week off to spend with their families.
While economic releases are few and far between from the UK this week, there will be a number of tier 1 releases from the US and eurozone. From the US – Q3 GDP, new home sales, consumer confidence, durable goods and an inflation measures are all scheduled. From the eurozone – inflation and German IFO numbers are both due. Domestically, many will keep firm focus on the general election and any polls suggesting a significant change in parliamentary MP structure.
Written by Viv Savani. 8:48am, November 25th 2019
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