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January 2017

US manufacturing kick starts the new year

Published: Tuesday 03 January 2017

  • Sterling stable ahead of manufacturing data
  • German data dominates Eurozone thinking
  • US manufacturing kick starts the new year 
Happy New Year!
It starts with news that the Confederation of British Industry, British Chambers of Commerce, Institute of Directors, Federation of Small Businesses and the Manufacturers’ Organisation, known as EEF, which jointly represent more than 400,000 UK businesses, have offered their full commitment to making Brexit a success. It hasn’t done much for the Pound, which starts 2017 roughly where it finished 2016, but it is certainly nice to hear some positive thought on the subject of the UK’s egress from the EU. We’ll get UK manufacturing data this morning – that ought to bring a positive vibe to the Pound.
 
Eurozone manufacturing sentiment improved in December even though activity didn’t follow suit. This morning will bring German unemployment and consumer inflation data, so there is plenty to strengthen the Euro if that is as positive as the forecasters would suggest. 
 
This afternoon delivers manufacturing data for the US and that too is expected to be rather more upbeat than the November number. Tomorrow’s release of the minutes from the last Federal Reserve meeting will offer a little more insight into the pace of interest rate hikes in the US. So the USD could well be volatile over the next few days as we lead into the US employment data for December.
 
And the town of Beaucaire in France has named a street in order to "pay tribute to the sovereign British people’s" decision to leave the EU. The Rue du Brexit is a touching tribute until you notice, as some have pointed out, that the road is circular, so it goes nowhere. That’s a tad unfortunate.
 
Drunk again
A guy is out for ‘just a quick one after work’ and at 1am he is finally told he needs to go home from the third bar of the night.
 
As he attempts to get out of his chair, he falls flat on his face and, despite repeated attempts, the bar staff can’t get him upright enough to walk out of the bar. So they call a cab but the drunk guy insists he doesn’t need any cab. He insists he can find his own way home. So, after a few more attempts, the bar staff have had enough of his bad language and protestations, so they give up and leave him to crawl out of the bar.
 
He crawls home, pulls himself up enough to open the front door and falls into the hallway before dragging himself into the lounge and falling asleep on the sofa.
 
In the morning, he is woken by his wife. “You got drunk again last night, didn’t you!”
 
“How can you say that?” he protests. “I just fancied sleeping on the sofa, that’s all.”
 
“Is that so?” says his wife. “Then why did Charlie’s Bar just call to say they’ve found your wheelchair?”

Weekly Currency Insight by David Johnson

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