Net Neutrality repealed
Yesterday the FCC voted to repeal Net Neutrality, a regulation set out by the FCC under President Obama that allows the agency to restrict Internet Service Providers’ ability to prioritize one service over another.
For the average consumer, streaming services such as Netflix could become more expensive, load slower, or (dare I say it!) become unavailable within the confines of a particular ISP subscription. On a positive note, however, the FCC will now require ISPs to be more transparent about bandwidth throttling or other network management practices.
This move enflamed passions across the US various sides of the debate, and several Silicon Valley tech giants have scorned the decision. Read Bloomberg’s informative report. On the currency front, we await to see the market’s response.
In other news, the final stages of the tax plan will be delivered today with a key focus on keeping the reductions under the $1.5trn limit set by Congress. Any final decisions here could provide some USD strength in any otherwise quiet, eggnog fueled Friday.
On and on
Much as Hashers look for arrows in the undergrowth to signal they have arrived along the correct path, the UK has found the correct contents of a Brexit deal to satisfy the EU significantly enough to agree to move the negotiations to the next stage. This will include some big ticket topics such as Trade and Security between the UK and her former EU crew. E0uropean Council President Donald Tusk has offered a congratulatory Tweet to Prime Minister May.
Yesterday, sterling rose briefly on the news that retail sales had risen 1.1 % MoM. We’ll need to see next month’s print before we realize the extent of Black Friday’s impact.
Elsewhere, the ECB’s announcement to hold held rates initially moved the EUR stronger, but there was a speedy retracement as Chair of the ECB Draghi spoke.
To those heading out for the holidays today – happy holidays! To those still around, have a pleasant weekend and we’ll see you on Monday.
Have a great day,
Christopher Morriss, The WorldFirst Team