American FX Outlook: US Durables set to rise as Christmas nears

What you need to know before markets open:

  • A victory of pro-independence political parties in Catalan regional elections rose the political risk dragging EUR lower only temporarily.
  • The UK GDP confirmed expectations with revisions of past lifting the growth to 1.7% over the year.
  • Bitcoin suffers 10% drop trading at around 14K, 25% off its 20K peak.

Friday’s market moving events

  • The US core PCE price index is expected to rise 0.1% m/m and 1.5% y/y.
  • The US durable goods orders are set to increase 2.0% m/m in November with the core orders up 0.5% m/m.
  • The US Personal income is set to rise 0.4% m/m in November.
  • The US Personal spending is set to rise 0.5% m/m in November.
  • Canada’s GDP in October is expected to rise 0.2% m/m.

Major market movers

  • The Canadian dollar was a mover of Thursday rising after both retail sales and inflation exceeded forecast boosting the case for the Bank of Canada to raise rates.
  • The US Dollar is trading little changed one day before prolonged Christmas vacations.
  • See Canada’s GDP confirming solid economic form sending Loonie higher.

Earlier in Asia/Europe

  • Catalan pro-independence parties won 70 seats in 135 member regional parliament.
  • German import prices rose 0.8% m/m and 2.7% y/y in November.
  • German Gfk consumer confidence increased to 10.8 in January with the economic expectations highest in three and a half year.
  • French GDP rose 0.6% q/q in Q3 2017 with household consumption driving it higher than expected 0.5% increase.
  • UK Q3 GDP is expected to rise 0.4% q/q while revisions of past resulted in higher y/y growth rate of 1.7%.
  • UK Q3 business investment accelerated to 0.5% q/q and 1.7% y/y.

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