End of the world?

Currencies Direct December 21st 2012 - < 1 minute read

Firstly, if you are reading this
then no apocalypse has happened as yet. I’ve been looking out of
the window and can report no fire Speaking of the end of the world
(at least if you are reading financial media this morning), fiscal
cliff negotiations have stalled after republican opposition to
‘Plan B’ and in particular  tax increases on people earning
more than $1 million per year stopped a planned vote yesterday
evening. For the markets the news is risk negative so the USD is
clawing back losses suffered earlier in the week against the Euro
and Pound. The move is likely to be exaggerated by low volumes in
Europe this morning as people begin their Christmas break.

Data out this morning is light – we
have the final Q3 GDP number for the UK, public sector net
borrowing and business investment. All three are unlikely to
contain any surprises so should not influence the Pound in a
significant way today, dependant on the world not ending that is.
If it does, I’m not sure being long the Dollar will help you.

All that remains is to say we are
open for a half day on the 24th, normal trading on the 27th &
28th and then back to normal from the 2nd Jan. Have very Merry
Christmas and a Happy New Year.

Written by
Currencies Direct

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