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KTA Macro Weekly Wrap 01/12/17

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 Louise Griffin, Relationship Development Manager at Knightsbridge Trading Academy

 Friday, December 1, 2017

In the G10 currencies this week, GBP is the top gainer so far gaining 1.13% versus the dollar. The top loser is NOK (-1.8% vs USD) followed by JPY (-1.37%vs USD). The USD-Index recovered this week on positive developments on the US tax front and hawkish comments from Janet Yellen. However, the tax bill hit a hurdle when it was deemed that this may have serious budget deficit ramifications. EUR held on to its gains despite inflation data miss. Elsewhere, GBP was buoyed by positive developments on the Brexit front as Eu Chief Brexit. In the Scandinavian currencies both SEK and NOK were troubled by domestic data misses. In the equities space, the Nikkei 225 has closed at 22819.03, up 1.19% for the week while the European equity markets are looking end the week in red with FTSE down 1.00%, DAX down 0.64% and CAC down 0.49%. As for US equities, we continue to see new highs being made; S&P 500 and Dow Jones were trading +1.79% and +2.82% for the week. In the rates market, the US and German 10-year yields diverged with the Bund yield down 3bp to 0.35% and US 10-year yields up 6bp to 2.40%. In the energy space, the oil prices have been choppy this week with a fall seen in early part of the week and recovery seen post-OPEC decision to extend Oil production cuts. The Brent was trading at $64.05, largely unchanged from the start of the week. Looking ahead, the most important release next week will be the RBA rates decision, Australia Q3 GDP, and the US non-farm payroll.


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