
Market Brief: Markets in Christmas mode
Merry Christmas all and welcome to the last working week of 2017. Last week seems like quite some time ago so let’s recap on some of the key events.
Today's data releases |
Key levels | |||
---|---|---|---|---|
Support | Resistance | |||
09:30 | UK finance loans for housing | GBP/USD | 1.3300 | 1.3550 |
15:00 | US pending home sales | GBP/EUR | 1.1125 | 1.1480 |
Market overview
The US Tax Bill was passed in time for Christmas and is now due to be signed by President Trump early in 2018. US yields continued to rise throughout the week helping the USD gain momentum. UK data was mixed, the week ended with an upward revision to Q3 GDP growth to 1.7% year on year, though the quarterly growth remained at 0.4%. The election in Catalonia resulted in the three separatist parties having enough seats for a small majority, but the separatists polled less than 50% overall so there is not a strong case for them to push for another referendum.
The United States imposed sanctions yesterday on two North Korean officials who are considered key to their country’s development of ballistic missiles. Yesterday also saw crude prices rise to levels not seen since mid-2015 due to a pipeline blast in Libya and a bullish budget forecast in Saudi Arabia.
The United States imposed sanctions yesterday on two North Korean officials who are considered key to their country’s development of ballistic missiles. Yesterday also saw crude prices rise to levels not seen since mid-2015 due to a pipeline blast in Libya and a bullish budget forecast in Saudi Arabia.