The pound maintained its recent gains during Monday’s trading session, pushing up towards the $1.32 and €1.19 figures against the US dollar and euro, respectively. The general election is fast approaching and it appears PM Johnson still has enough support in the opinion polls to translate into a firm majority. As a result, the pound has managed to maintain the handsome gains seen recently, around 2% in 7 trading days against many of its peers.
Aside from the UK general election, markets have a lot of other events to focus on. Tomorrow sees an important announcement from the Federal Reserve, as participants attempt to determine just how accommodative the central bank will be in 2020. We’ll also see Madame Lagarde’s first appearance as President of the European Central Bank. She’ll take questions and deliver a statement at her first press conference on Thursday afternoon. Both significant events all within 24 hours of the UK general election. Something to consider if you are aiming to cover USD or EUR requirements around this period of time.
However, before that we’ve got an interesting day of economic data. We have UK Q3 GDP 2nd reading as well as industrial and manufacturing production. From the eurozone – German ZEW sentiment gauge will cross news wires at 10am.
Written by Viv Savani. 9:01am, December 10th 2019
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