Once again Trump blamed China and the EU for taking advantage of the US economy. Also, he blamed the previous US leaders for allowing that to happen. These statements were made during his speech yesterday at the Economic Club of New York. UK improves its unemployment figure. RBNZ keep its cash rate at +1.00%. Today, UK and US will deliver their inflation numbers.
Yesterday, UK’s unemployment rate surprised everyone with a slide by one tenth of a percent, bringing the figure from the previous +3.9% to +3.8%. This improved number is something extra that the Tories may use during their debates before the UK elections. But unfortunately, both of the average earnings numbers including and excluding bonus declined from +3.8% to +3.6%. Initially, it seemed that that the pound could continue Monday’s move higher, but somehow the British currency started losing its attractiveness among buyers. The only currencies that GBP managed to gain against were the EUR, SEK and NOK. We believe that the pound might struggle with larger extensions to the upside, as the we get closer to the UK elections on December 12th. Also, the possibility of a no-deal outcome is still on the table. British politicians do not want to discuss this option yet, as it may harm them during the elections. They may start considering a no-deal option after we get the voting results.
The only two major currencies, against which the euro managed to come out on top were the SEK and NOK. The rest were too much handle for EUR. Yesterday, during the...
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