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23 Dec 2015

Markets quieten down ahead of festive period

United States Dollar: Markets are thinning out now as most major centres wind down for the Christmas holidays. GBP/USD has at least recovered off of its lows and is now testing a break of 1.49. Better than expected current account data from the UK yesterday was supportive, although Final GDP missed forecasts. Core Durable Goods Orders from the US also printed weaker than expected yesterday which also gave GBP/USD another leg up. Expect a quiet day today for obvious reasons. There’s little by way of economic data with only mortgage approvals due from the UK and Unemployment Claims from the US.

We expect a range today in the GBP/USD rate of 1.4840 to 1.4950

Euro: EUR/USD has ticked higher too and opens this morning at 1.0945. The weaker dollar – owing in large part to the Durable Goods Order miss – has helped. GBP/EUR has also continued its slow recovery over the last 24 hours and opens this morning at 1.36.

We expect a range today in the GBP/EUR rate of 1.3560 to 1.3620

Aussie and Kiwi Dollars: AUD/USD and NZD/USD have also taken advantage of a mildly weaker USD over the last 12-24 hours and open this morning at .7275 and .6815 respectively. GBP/AUD and GBP/NZD are little changed from this time yesterday and trade at 2.0460 and 2.1830.

We expect a range today in the GBP/AUD rate of 2.0380 to 2.0520

We expect a range today in the GBP/NZD rate of 2.1740 to 2.1920

Data Releases

AUD: No data

EUR: No data

GBP: BBA Mortgage Approvals

NZD: No data

USD: Unemployment Claims

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