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Currency market

Day of thanksgiving in the USA.

In the meeting of today expect few movements in the contribution of the eurodollar, once is celebrated on the day of thanksgiving in EE.UU, although the publication of the law reports of the latest meeting of the ECB would be able to cause some movement, if they give clues on the completion of the QE. Yesterday however saw as the dollar lost field against the euro after the publication of unexpected orders detail of durables, that it fell after three months of strong increases, to levels that did not see from September 2016, but when really got around the contribution went when knew law reports of the latest meeting of the Fed, where are started to see serious divergences with respect to the rhythm of rises of types. The key reason of these divergences, comes provoked because there are members of the Fed that they think that with current levels of the inflation, the to follow going up types only can achieve that it goes down the inflation and it goes up the unemployment. This cause significant falls in the returns of the curve of interest rates of EE.UU.

This made that the contribution of the eurodollar returned to cross in the area of EUR 1.1800/USD, even arriving at levels in which have opened this morning, this is, EUR 1.1840/USD. Additionally would be able to attribute it at the close of positions for the bank holiday and on Friday (Black Friday) that although is not holiday, is a day of very little activity in the markets.

Of the presentation of the budget before the British parliament by the minister of finances Philip Hammond, can say that the market has considered it as boring, since not proposed nothing new to try to encourage the British economy, which by the way the British government has gone down its predictions of the GDP for 2017 at 1.5% from 2.0%, forecast that they already adjusted March. In any case, the contribution of the pound in its crossroad against the euro remained unaltered throughout yesterday's meeting in the area of EUR 0.8875/GBP, levels in which also open today.

The loose durables detail in EE.UU caused that saw rises close to the 2% in the oil price, which in turn supposed that the canadian dollar continued appreciating arriving at to cross in the meeting of yesterday to 1.2747 USD/CAD, although now comes back to quote under the area of USD 1.2700/CAD.

For the meeting thing of today, the most significant detail to that which it will be necessary to be attentive is to the GDP of the third quarter in The United Kingdom, while in the EU publish the PMI of services and manufacturers, and on the other hand, as we have already remarked, will know law reports of the latest meeting of the ECB.

Ranges estimated for the main currencies today:

EURUSD
1,1790-1,1875

EURGBP
0,8850-0,8900

EURJPY
131.25-132.10

 
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