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The Marketplace - 20th December 2016

Good Morning, Even though the overall feeling is that of a market wrapping up for the year, some concerning news’ have cast a long shadow on the festive mood of the season. The two headlines which caught attention in the Asian session today: Russia’s ambassador to Turkey was shot dead on Monday by an assassin who told him: “We die in Aleppo, you die here.” The attack has been swiftly condemned by other countries. Elsewhere a truck rammed into crowds at a Berlin Christmas market on Monday evening, killing 12 people and injuring up to 48 people, police said. Berlin State Interior Minister Andreas Geisel said it was still unclear if it had been an attack or an accident. German President Joachim Gauck said in a statement that it was an "awful evening for Berlin and for our country". Reuters reports that France has increased security at Christmas markets after Berlin truck incident. As always stay in touch with the desk for all of the latest updates on 0844 815 3240 or email us at ukdesk@transglobalpayments.

Overnight

Overnight, risk sentiment remained mixed following the Bank of Japan's monetary policy meeting. While the decision to keep the current stance unchanged was in line with expectations, the BoJ upgraded its assessment of current economic conditions.

Yesterday evening, Fed Chair Yellen suggested that labour market conditions remain healthy, and described current conditions as the strongest job market in nearly a decade. Meanwhile, a rise in geopolitical tensions following deadly attacks in Ankara, Berlin and Zurich provided a cautious under-current to market sentiment.

What is Happening Today

Today’s data and events calendar remains exceptionally light and will do little to shift the market’s attention on the coming year. A key event in 2017 will be the ongoing negotiations around the UK’s exit from the EU, which will also form the key topic of debate at Prime Minister May’s attendance before a House of Commons liaison committee at 14:00 GMT, to discuss the government’s plans for leaving the EU.

So far, PM May has attempted to remain unforthcoming regarding some of the major areas of discussion around Brexit, despite a number of leaked documents and amidst more vocal members within the government.
Interest Rates

Data wise, the CBI’s December survey of distributive trades in the UK provides the only release of any note. Official data of retail activity have proved remarkably firm since the EU referendum, highlighting the resilience of the UK consumer. The CBI survey will be closely watched for confirmation that this strength has continued into the end of the year

Currencies

Fed Chair Yellen’s comments last night remained consistent with the general messaging from last week’s FOMC meeting, providing some modest support to US Treasury yields. However, the move was short lived and yields dropped back into the US session close. Global yields have moved lower over the past few days, reflecting some degree of caution as year-end approaches.

Following the Bank of Japan meeting earlier this morning, USD/JPY has rebounded back to around 118. Meanwhile, more broadly the USD continues to remain well supported, with both GBP/USD and EUR/USD holding below 1.24 and 1.04 respectively

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