Sterling is among the best performers on the whole against the US dollar this week, amid thin news flow and an escalating general election campaign. Money and credit data was released by the Bank of England this morning, with M4 money supply flat in October despite the expansion in lending to individuals, and mortgage approvals were steady at 65,000.
The euro continued to float in a sea of serenity yesterday, with no noteworthy price action against the dollar. Data flow was ample however, with yesterday’s release including a contraction of 0.8% in the German Consumer Price Index in November. This morning’s data has included a large contraction in German Retail Sales, which crashed a whopping 1.9% in October. Unemployment in Germany still managed to fall by 16,000 in the same month.
The US enjoyed Thanksgiving yesterday, and no data was released. Following the signing by Donald Trump of legislation aimed at supporting protests in Hong Kong, Chinese authorities have not announced any firm response, or released any official statements on how the legislation may affect trade talks.
The loonie was also flat yesterday. Current account data showed Canada’s deficit rising to $9.9 in the third quarter, with trade in goods and services resulting in a larger deficit by $2.4 billion. Monthly Gross Domestic Product data will be released today at 13:30 GMT.