What will happen to GBP over Christmas?
For today, some interest with the second round presidential vote in Greece. The first round saw 160 of the required 180 votes for the PM’s favoured candidate. This could well go to three rounds, and if the required number of votes is not secured snap elections will ensue. This the risk of a government with a far less reformist agenda.
Beyond that, we have final GDP numbers in both the UK and US, which are not major market risk events, although note that the US release has been revised up from 3.9% to 4.3%. Durable goods data is also released in the US, which brings the risk of some dollar volatility if it falls far from consensus.
Russian Ruble continues to fight back but liquidity is naturally very thin going into year end, so this does not mean that Russia is out of the woods. Also offering some support has been the stabilisation of the oil price around the 60 level on Brent crude.
One other highlight has been the weaker Swedish Krone, with GBPSEK breaking 12.1200