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18 November 2019


The pound had another positive day although it peaked mid-morning as the boost from the prospect of a Conservative election victory wore thin.


The euro was underpinned by comments from ECB Chief Economist Lane who once again highlighted the need for fiscal stimulus. He said a ‘big conversation’ amongst policymakers is needed to help stimulate the economy. New ECB President Christine Lagarde speaks on Friday and it will be interesting to see if she continues with this theme which was a staple diet under her predecessor Mario Draghi.

US dollar

The US-China trade saga took another twist yesterday with reports that Beijing is pessimistic about the prospect of a deal. We have become accustomed to the to and fro on trade so this isn’t a major surprise but it did dent risk sentiment. President Trump and Treasury Secretary Mnuchin met with Fed Chairman Powell with the President describing the meeting as ‘good and cordial’. Topics included interest rates, dollar strength and trade. Given his apparent satisfaction with the discussion, the market takeaway was that interest rates will remain low for some time resulting in a slightly softer dollar on the day.

Data and events

Data releases today are once again of a minor nature and as such will have little market impact.

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