Resource Centre

Global Market Watch - 25th November 2020

GBP/USD was bought again by the London market hopeful of hearing news that a UK-EU trade deal would be soon agreed. The press reports that a deal involving trade, security and fishing could be in sight early next week. There is still disagreement over the EU’s demand that the UK agrees to a minimum level of environment standards and workers’ rights. The EU wants a ‘meaningful mechanism’ to align UK and EU regulations. So that UK law changes when EU law changes. This is very much a red line for the UK. Chancellor Sunak speaks at 12:30 pm today to update us on how the economy is performing and how indebted we are. He will also outline plans to support the employment market.
EUR/USD traded in recent ranges, as final German GDP and the IFO survey were both slightly better than expected at +8.5% and 90.7. Interestingly, EUR/USD has continued to squeeze higher overnight.
The dollar followed Monday’s route of morning strength followed by afternoon weakness on Tuesday but to a lesser degree, as it traded in recent ranges. The US equity markets stayed supported as Biden started to make nominations for his cabinet and the transfer of power commenced.
The Antipodean currencies both did well against the Greenback in the morning, before easing back later in the day.

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