Ipek Ozkardeskaya
Swissquote Bank Ltd
With US markets paused for the Thanksgiving break, France was at the heart of the attention yesterday. The political drama, there, only got worst as Michel Barnier gave concessions to Marine Le Pen – who only asked more of them. The French 10-year yield eased after sitting at the same height than the Greek equivalent while CAC 40 was in a better mood. But the political uncertainties in France will certainly keep volatility high across French-denominated assets into the year end.
For the euro, we don’t yet see a major impact of French political shenanigans, but the French touch is not necessarily a positive one. The EURUSD swung between gains and losses yesterday, caught between mixed inflation data from EZ countries.
Speaking of inflation, higher-than-expected Tokyo inflation backed the growing expectation that the Bank of Japan (BoJ) would hike rates in the December meeting and shortly pushed the USDJPY below the 150 mark.
In energy, there is hesitation about what to do at the current levels. The latest news suggests that OPEC+ will delay its decision time from Sunday to December 5th. It appears that the cartel members need more time to discuss about what to do about their plans to restore production.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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