The U.S. Dollar rose over Veterans’ Day weekend as pressure on other counterparts builds with important deadlines for Italy’s budget and Brexit approaching.
Overview
Additionally, equity markets are on the rise with news that China’s Vice Premier Liu He is ready to visit the U.S. to foster some positive dialogue and resolve trade. Commodities are also in the midst of wild swings with oil prices falling on potential conflict between OPEC and the U.S. after President Trump criticized Saudi Arabia’s plans to cut output.
No data today, but we shall see some impact from inflationary numbers in the form of Consumer Price Index first thing in the morning tomorrow and a slew of British as well as Euro-zone Gross Domestic Product data. We’ll see further signs of U.S. economic stability in retail Sales on Thursday.
What to Watch Today…
- No major events scheduled for today.
The complete economic calendar can be found here.
EUR
The Euro is own as economists worry that Brexit will not only negatively affect Britain’s economy, but also cause trouble in the Euro-zone. A 17-month low for the shared currency came as many market participants are losing hope that a deal can be struck between the EU and U.K. officials. Furthermore, today Italy is supposed to present changes to its budget or it may face some penalties that the EU mechanism has in place for lack of meeting fiscal requirements.
GBP
The Pound remains unpredictable as no progress in Brexit continues. Prime Minister Theresa May spoke yesterday, but had nothing of substance to offer about talks, just admitted we are in the final stages. It is very unclear just what she plans on doing. Election chatter has hit U.K. newspapers and many companies remain set on leaving.
