Markets Gear for a Highly Volatile Week: UK Elections and Key Releases Coming Up

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1. Markets Gear for a Highly Volatile Week

As Britain gears up for a general election on Thursday, PM Boris Johnson pledged to reduce immigration in a “transformative” Brexit. The latest polls indicate a very narrow lead for Johnson, which means that the stakes remain high for the GBP pairs this week. We also have a deluge of data coming in this week with the FOMC and ECB Interest Rate Decisions being the most important events on the calendar. Don’t miss BDSwiss’ free live webinars on these two key events this Wednesday and Thursday. Register on BDSwiss’ Webinars Page.


2. Trump Impeachment Day

The House Judiciary Committee will hold a hearing on the impeachment report at 14:00 p.m. GMT this morning which will look into whether Trump abused his power by withholding military aid to Ukraine in exchange for the country announcing investigations for his own political benefit and at the expense of U.S. national security interests.


3. Is a Phase 1 Deal Feasible? 

Investors will also be looking for clarity on the U.S.-China trade war on Monday after a volatile week of trade headlines. The world’s two largest economies are in talks to finalize a so-called phase one trade deal as 15% tariffs on billions of dollars in Chinese imports are set to kick in on Dec.15th. It’s important to note that  European bourses edged slightly lower this morning as weak Chinese export data highlighted the detrimental impact of its prolonged trade war with the U.S. 


4. Forex Preview: TRY & NZD Plummet

The Turkish lira plummeted against the EUR this morning as tensions in the Middle East Continue to mount. The NZD also took a hit this morning while the dollar held firm after rallying on Friday on an unexpectedly robust NFP. In contrast to the USD, the loonie remained weak after shedding more than 0.5% on Friday following data showing the Canadian job market losing a surprise 71,200 net positions in November.


5. Will XAU/USD Break Higher?

Gold traded slightly higher this morning amid broader risk aversion during the EU session after the release of weak China data. Investors will now await cues from the U.S. Federal Reserve on interest rates on Wednesday and see if a new round of U.S. tariffs on Chinese goods will actually be imposed. 


6. Crude Wobbles

Overnight, oil prices rallied as OPEC reached agreements during their Vienna meeting to agree on output cuts causing. Crude strengthened above the $58.00 resistance but later fell on weak China export data.



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CNBC Dec 9, 2019 2:48 AM ET
Investing Dec 9, 2019 7:33 AM ET
Bloomberg Dec 9, 2019 6:45 AM ET
NYT Dec 9, 2019 7:35 AM ET

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