The US$ remained under pressure on Thursday following the release of the weekly jobs data, with the DXY hitting a 3-1/2 week low of 92.57 as traders speculate that more major central banks will begin reducing monetary stimulus in 2018 because of faster global economic growth. The US Initial jobless claims were unchanged at 245k in the week ended December 23, above expectation of 241k. Earlier in the day, the ECB monthly bulletin noted that the economic recovery in the EU is solid and broad based although inflation remains subdued but is expect to pick up gradually through 2018. In the meantime a substantial degree of monetary accommodation is still needed to push inflation towards the required targets and the ECB maintained the option to extend the asset purchase program beyond September 2018 if necessary. Stocks were unchanged, while the metals and WTI remained firm, but without doing a great deal.
Looking ahead to today, the last trading day of the year will end with a bit of a whimper in terms of data. The first cabs off the rank will be the Australian New Home Sales and Private Sector Credit figures, both for November. The main event in Europe will be the German Provisional CPI/HICP for December (CPI; exp 0.5%mm, 1.5%yy, HICP; exp 0.45mm, 1.6% yy,) while the US will only have the CFTC net positions to contend with. All up a pretty quiet run in to the weekend is likely. Hoping that 2017 was a good one for you and that 2018 will be even better!! HNY.
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