FXStreet (Delhi) – Research Team at Investec, suggests that the holiday-induced shorter week ahead leaves us with 3 working days left of 2016, the only data release of note today is the US Consumer Confidence Index.
Key Quotes
“Other than this the US Chicago PMI released on Thursday is a key event to keep a close eye on. Markets expect the Chicago PMI to show a small contraction in manufacturing activity. Last month we saw the Chicago PMI fall below 50 to 48.7 into contractionary territory, expected to stay just below 50 at 49.8 this is a stark contrast to the higher number seen this past summer.”
“On a side note Boxing Day sales look to have provided a big boost to the UK’s high street, large retailers begin to release news of bumper sales and will likely feed through to positive data figures in early January 2016.”
“Last week we saw UK GDP data for quarter 3 unexpectedly revised down. This showed quarterly growth at +0.4%, 2.1% on the year, from +0.5%, 2.3%. At the same time current account figures, also for Q3, were better than expected at a deficit of £17.5bn, against an expectation of £21.5bn. This has kept us below the 1.50 mark in GBPUSD and has furthered the GBPEUR decline to sub 1.36 levels.”
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