Market News

The leader of Germany’s Social Democrats (SPD) said on Monday he would launch talks with Chancellor Angela Merkel’s conservatives on forming a government next week if members of his center-left party gave him the green light at a congress this weekend.

New orders for U.S.-made goods fell less than expected in October and shipments of core capital goods were much stronger than previously reported, pointing to sustained strength in manufacturing that should buoy the economy.

Britain agreed on Monday to keep Northern Ireland in “regulatory alignment” with the European Union after Brexit, Irish government sources said, raising hopes Prime Minister Theresa May can strike a deal in Brussels to start free trade talks.

GBP got a major bullish infusion near the end when comments from MEPS boosted hopes that Brexit talks will progress. Meanwhile, CHF was feeling a bit under the weather because of the risk-on vibes.

Oil fell on Monday after U.S. shale drillers last week added more rigs but prices still held close to their highest since mid-2015, supported by an extension to output cuts agreed last week by OPEC and other producers.

Sterling jumped to a one-month high against the euro on Monday after a member of the European Parliament’s Brexit group said there was a “very good chance” of a deal on an initial divorce package between Britain and the European Union.

European stocks rallied strongly on Monday after the U.S. Senate passed a tax package delivering significant fiscal stimulus, which investors had anticipated would give extra legs to the bull run in equity markets.

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The Bank of Japan does not plan to change its massive stimulus program and will “immediately act” if risks to the economy undermines the momentum toward achieving its inflation target, central bank Governor Haruhiko Kuroda said on Monday.

There were a couple of economic reports printed during the Asian session, but traders mostly focused on headlines over the weekend.

The U.S. dollar bounced to a two-week top on Monday and S&P futures rallied as traders marked the passage of a Senate tax bill over the weekend, a move that raises the risk of more aggressive rate hikes in the world’s largest economy.

It is not yet clear if Britain and the European Union can agree on written assurances to avoid a hard Northern Ireland border by a Monday deadline, Irish Foreign Minister Simon Coveney said on Sunday.

Pound domination was easily the main theme this week. So, what drove the pound higher this week? And what about the other currencies, what drove their price action? Time to find out!

The U.S. Senate narrowly approved a tax overhaul on Saturday, moving Republicans and President Donald Trump a big step closer to their goal of slashing taxes for businesses and the rich while offering everyday Americans a mixed bag of changes.

The sweeping tax overhaul that passed the U.S. Senate on Saturday contains the Republicans’ biggest blow yet to former President Barack Obama’s healthcare law, repealing the requirement that all Americans obtain health insurance.

The greenback slipped against a basket of currencies on Friday after ABC News reported that Michael Flynn, a former adviser to U.S. President Donald Trump, said he was prepared to testify that Trump directed him to make contact with the Russians when he was a presidential candidate.

A measure of U.S. factory activity fell more than expected in November as a gauge of employment cooled, but the index continued to point to strengthening manufacturing conditions.

The next two weeks will determine whether Britain avoids further costly delays in giving business assurances of a smooth exit from the European Union and free trade in the future.

Hiring in Canada unexpectedly surged in November, sending the unemployment rate tumbling to a more than nine-year low as there were more people working in the trade and manufacturing sectors, data from Statistics Canada showed on Friday.

Canadian economic growth slowed to 1.7 percent in the third quarter, coming off a hot first half of the year as exports tumbled and businesses pulled back on investment, data from Statistics Canada showed on Friday.