Sterling Keeps Its Range

GBP

Sterling kept within its recent trading range on Thursday but this week could prove its second best so far this month as expectations that the Conservative Party may win a majority in the Dec. 12 national election fuel investors’ optimism. British Prime Minister Boris Johnson’s Conservatives have a 10-point lead over the main opposition Labour Party, a poll showed. Johnson speaking on Thursday told reporters he would end the ‘unbearable’ uncertainty around Brexit if he wins the election, saying that political paralysis was affecting investment decisions in the country.

Brexit Party leader Nigel Farage said earlier this week he would not contest the 317 seats the Conservatives won in the 2017 election, a step that could pave the way for a majority in parliament for Johnson’s Brexit deal. However, Farage dismissed demands to stand down candidates fighting the Labour Party, saying his main aim was to win seats in parliament to hold Johnson to account over Brexit.

EUR

Germany has narrowly avoided a recession, according to new official data. The country’s economy grew by 0.1% in the third quarter of the year after contracting in the previous three months. Germany is known to be a strong exporter of manufactured goods but recent slowdown in the global economy has effected German exports. The value of total German exports – including services – is about 47% of the country’s whole economy, its gross domestic product or GDP. The growth figure was positive but the economy remains very weak.

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14:30 – USD: Core Retail Sales m/m – Forecast at 0.3% from previous -0.1%
14:30 – USD: Retail Sales m/m – Forecast at 0.1% from previous -0.3%

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