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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