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TALKING POINTS – BRITISH POUND, BREXIT, EURO, CONTE, ITALY, EU

  • Pound eyes Brexit breakthrough clues before EU leaders’ summit
  • Euro weighs risk of Rome vs. Brussels clash as Italy’s Conte speaks
  • NZ Dollar gains on upbeat CPI, Yen down as APAC bourses rise

The New Zealand Dollar outperformed in Asia Pacific trade, building on earlier gains in the wake of unexpectedly strong local CPI data. The Australian Dollar struggled however, seemingly weighed down by a dovish tone in minutes from the latest RBA policy meeting. The Japanese Yen fell as most APAC shares tracked higher, sapping the appeal of the standby anti-risk unit.

POUND FOCUSED ON BREXIT PROGRESS, EURO EYES CONTE SPEECH

Looking ahead, markets are likely to look past UK jobless claims data as Brexit deal prospects remain in focus ahead of this week’s EU leaders’ summit. Market participants have flagged it as a possible venue to unveil a breakthrough. The British Pound is cautiously higher after Prime Minister Theresa May attempted to mend fences following the weekend’s breakdown in talks.

Today, chief EU negotiator Michel Barnier will brief European affairs ministers on the status of talks with his UK counterparts. He will later meet with EU President Donald Tusk to prepare for the upcoming summit. Markets will closely monitor the sound-bites emerging from either outing for clues about the probability that an accord is indeed in the offing.

Germany’s ZEW survey of analyst confidence seems unlikely to mean much for the Euro considering its limited implications for shaping near-term ECB policy bets. The central bank seems to be essentially on autopilot through year-end. An address from by Italian Prime Minister Giuseppe Conte may prove more market-moving amid fears that Rome is on course to clash with the EU over budget rules.

See our forecasts for currencies, commodities and equities to learn what will drive prices in Q4!

ASIA PACIFIC TRADING SESSION

Asia Pacific Trading Session Economic Calendar

EUROPEAN TRADING SESSION

European Trading Session Economic Calendar

** All times listed in GMT. See the full economic calendar here.

FX TRADING RESOURCES

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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