Boris and Kathy Forex Weekly – 18-12-2017 – Commodity Dollars
December 17, 2017 10:01 pmVideo
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Traditionally, the last 2 weeks of the year are characterized by consolidation and end of year flows, but this year could be different because the tax bill hasn’t reached Trump’s desk and some corporates may be holding out until the very last minute before repatriating their funds in case of last minute snags. In a week with far less market moving data, U.S. tax reform headlines will continue to drive currency trade. Between the 4 central bank rate decisions, PMIs, retail sales and other key economic reports from around the world, the main takeaway from this past week’s developments is the lack of urgency among policymakers. Having just tweaked policy in the fourth quarter, the Federal Reserve, European Central Bank and Bank of England are in no rush to tighten again. This explains why the euro and U.S. dollar sold off rather than rallied despite positive outlooks from Janet Yellen and Mario Draghi. It was a tough week for the U.S. dollar, which declined or held steady versus all major currencies. The euro also struggled while the Australian dollar was the best performer, soaring more than 1.5% against the USD, EUR, CHF, GBP and CAD.
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