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Nov 29 M-T/L-T Details

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FOREX
FOREX: Dollar on top with tariffs imminent, EUR dropped on Draghi feint
-The White House have confirmed that Trump is to sign off on steel and aluminium
tariffs within the hour. The details remain scant but markets expect some
concessions to be made to the USA's largest suppliers given the diplomatic
unrest over the border in Canada and Mexico. Nonetheless, Treasuries have
rallied and equities are softer, helping buoy the greenback.
-EUR pairs initially rallied as the ECB withdrew the explicit pledge to increase
the size of QE in their policy statement. Nonetheless, the gains were wholly
reversed after Draghi clarified the move was retroactive, and holds no
implications for the policy outlook. EUR/USD shed close to 150 pips on the way
to session lows of $1.23.
-CHF trades weaker across the board and, having broken above the 50- and 100DMAs
is now eyeing post-peg break highs of Chf 1.1833.
-Tomorrow, price action will likely be pinned to the NFP report. Jobs added
expected at 205K, U/E at 4.0% and AHE at 2.8%. UK industrial production and
Canadian jobs report also due.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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