This too shall pass
Today at 1:30PM EST there will be another vote on the tax reform bill, and it is expected that moderate Republican Senators Susan Collins from Maine and Mike Lee from Utah will back the measures, and the bill will pass both chambers of Congress. If so, it could be written into law as early as tomorrow and we will likely see positive Dollar sentiment off the back of it.
No shell games
The EU’s Chief Negotiator for Brexit Michel Barnier has said there would be no “special deal” to allow the UK’s financial services sector to access the single market post Brexit. He also said the ECB would be watching very closely to prevent banks from setting up shell companies in Europe in order to benefit from access to the single currency area.
Slight dip in the Ifo
EURUSD is slightly higher this morning at $1.1810 after the release of the latest German Ifo number, a very important economic sentiment indicator. The latest reading retreated from October’s record highs of 117.6 down to Novembers’ 117.2.
There really isn’t too much on the docket today through the holidays, but as liquidity is always limited around these quiet times, any shocks and surprises can really move the market.
Have a great day ahead,
Christopher Morriss, The WorldFirst Team