Slow start to (likely) slow day - In what's...>

FOREX: Slow start to (likely) slow day

- In what's likely to be the final fully-staffed trading day of 2019, markets,

volumes and price action are pretty quiet, with most major pairs respecting

their recent ranges supressing realised vol even further. GBP is nominally a

touch stronger as successful shorts traded this week are closed out following

last week's election. GBP barely budged following the confirmation of FCA head

Andrew Bailey as the next Bank of England governor. His stance on rates will

likely be neutral, but there's little he's said on the record having never been

an MPC member before.

- Haven currencies are under a little pressure, with CHF slightly softer on

modestly better equity markets. Index futures and options expiries could see a

minor uptick in volatility as various Dec'19 contracts roll off throughout the

day.

- US tertiary Q3 GDP data are due, as well as personal income/spending for

November. Canadian retail sales may prompt some interest before the final Uni.

of Michigan sentiment reading. BoE's Haskel speaks.