- Sterling slips on BoE comments
- USD stalls ahead of durable goods data
Got it all bought? Got it all wrapped? Feeling smug? Nope, me neither. I suggest Christmas Eve is the best day to go Christmas shopping because you have to get something and therefore you have to make a decision. I might not have convinced you but I have convinced myself at least.
As for the rest of the week, well there isn't a heap of news but this is a very curious trading period. Many traders are away from their desks already and markets are thinly traded. Hence, even medium sized transactions can cause fluctuations in the exchange rates. With that thought in mind, this is a great opportunity for automated orders to be triggered in the midst of the volatility.
There are a few pieces of interesting data today though. We get the Confederation of British Industry's retail sector survey at 11am. That is expected to show a marked improvement on last month which was exceedingly disappointing. Sterling is weaker after BoE member Martin Weale suggested an interest rate hike is not urgent. This follows the hike by the US Federal Reserve and the ongoing speculation about when or whether the BOE will follow suit - apparently not.
The US Dollar has benefitted from the rate hike but that gain has slowed in the last day of trading. Nevertheless, the GBP-USD rate is back at levels last seen in April. This week's US data is restricted to Wednesday's personal income and expenditure figures alongside the durable goods orders. The latter is expected to be rather poor, so there is scope for the USD to weaken on Wednesday but it is hard to say how strong it will be before then.
These are the major events apart of course from the fact that a lorry driver from Wales who called his son Diesel is changing his sons name by deed pole to Popcorn because that is the only name he answers to. What the.....
Christmas opening hours
With Christmas fast approaching, it is worth planning your currency needs to ensure you don't face delays during the festivities.
The Halo Financial opening hours are (All GMT)
21st, 22nd, 23rd December – 08:30 to 20:00 (Normal Hours)
24th Christmas Eve – 08:30 to 16:00
29th, 30th 31st December – 08:30 to 17:30
4th January 2016 – 08:30 to 20:00 (Normal hours resume)
A couple are celebrating their 50th
anniversary. After the party, the couple are sitting having a cup of cocoa before bedtime when Betty says, "In the 50 years we've been married, have you ever been unfaithful to me?"
Charles says, "Nope. I kissed a girl once at an office party but I was very drunk at the time. Have you ever been unfaithful to me?"
"I am sad to say I have ...three times in fact."
Charles is taken aback but Betty continues, "Do you remember that time you needed that operation and we didn't have the money. I realised the surgeon fancied me so I slept with him in exchange for the surgery."
"Well that doesn't make me happy but I realise it was in my interests and I am grateful to you for that sacrifice".
"And the second time", Betty continues, "was when your boss, Mr Bartlet, was being tough on you and you thought you were going to miss out on that promotion. Well he made a pass at me during the Christmas party and I agreed to spend an afternoon with him, if you got the job."
"Well, once again, you did it for the noblest of reasons and that job led to me starting my own business so we both benefitted in the end," Says Charles. "When was the third time?"
"Well", says Betty, "do you remember when you were running for the post of Mayor for the first time and you were short by 17 votes....."
FX Research by David Johnson