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Single Currency Strong

FOREX

EUR outperforms early Thursday, with the single currency stronger against most others in G10. EUR/USD is testing the Wednesday high in early trade on little newsflow, although volumes are picking up as the US markets return from partial closes yesterday. Scandi currencies slightly outperform, but upside looks contained for now. First resistance in EUR/GBP rests at 0.8982, the Nov 10 high.

Meanwhile, UK growth data was mixed, leading GBP to be the weakest currency among DMFX. The GDP bounceback in Q3 hit record levels, but stopped short of expectations. Comments from BoE's Bailey raised some interest, with the BoE governor commenting that more Brexit information could make the December MPC more 'live'.

US inflation data and weekly jobless claims are the calendar highlight, with central bank speak also a focus. The ECB's central banking forum continues, with appearances due from Lagarde, BoE's Bailey, Fed's Powell and BoC's Wilkins.

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