The US$ remained under some downside pressure on Friday, particularly against the Jpy, as traders remained sceptical of Republicans efforts in the US House of Reps to pass the proposed tax cuts before the end of the year. US stocks were also a little a little lower while the metals had a strong session on the back of an uptick in geopolitical uncertainty after North Korea ruled out negotiations with Washington on curbing its nuclear weapons programme. Oil recovered some of its recent lost ground amid growing hopes that global oil producers will agree to prolong their output cut measures. Stocks heads a little lower while the metals had a good session, underpinned by the softer dollar.
It looks like being a mostly quiet week for the most part unless politics intervenes, with little data due today and then only a couple of major points of focus ahead of Thursday’s US Thanksgiving Holiday. The US tax bill will be closely followed, as will Special Counsel Robert Mueller’s Russian probe and its possible connections to Donald Trump. In terms of data this week, notable events will include the RBA Minutes (Tue), ECB Non-MP Minutes and FOMC Minutes (Wed), and the flash global PMIs due on Thursday/Friday. Note that Mario Draghi will be speaking in the European afternoon today, as will Janet Yellen, tomorrow, while the UK Autumn Budget Statement will take place on Wednesday.
Have a good week.
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|ASX SPI: 5971|