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Market Review – Fundamental Perspective 8 December 2017

PCM Enterprise - Development Firms

Global equity markets generally rose yesterday and USD nudged higher although GBP was the clear outperformer in G10 space after a UK-EU Brexit deal was reached in Brussels this morning.
The EU Commission announced on Friday morning that enough progress has been made to allow the UK-EU negotiations to proceed to phase two which will lay out their future relationship. On the issue of the Irish border, PM May said that there would be no hard border and that the Good Friday Agreement would be upheld.
Although the developments are a big success for May, hard details on the Irish border have yet to be resolved and the role of the ECJ remains unclear.
GBPUSD rallied on the news and climbed back above 1.3500 in early morning trading. Meanwhile, EURGBP has dropped below 0.8700 for the first time since June.
The US Senate cleared a two-week stopgap funding bill yesterday evening, one day before the deadline to avoid a government shutdown. The bill will keep the government funded through December 22 but a longer-term solution to the issue is likely to end up being tied to an increase in the debt limit.
The US employment report will be in focus today and Barclays Research forecasts non-farm payrolls “…to have increased to 200k, in line with the average monthly increase during the recovery…”. This is the first release in a while that should be free from any hurricane distortion.
In the UK, we get industrial and manufacturing output this morning. Barclays Research expects “…industrial production to come in flat m/m as growth in manufacturing is offset by other components. In terms of sectors, we continue to expects the consumer goods sector to print negative, while capital and intermediate goods support total production

PCM Enterprise - Development Firms Review

Source: https://myforexforums.com/showthread.php/1184-Market-Review-%E2%80%93-Fundamental-Perspective?p=33398&viewfull=1#post33398
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