Forex Weekly

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Pier-Luigi Bonelli Foreign Exchange Advisor
José-Manuel Luna Foreign Exchange Advisor
Ugo Biancaniello Foreign Exchange Advisor

Forty Conservative MPs have agreed to sign a letter of no confidence in UK PM May, the Sunday Times reported. Senior EU politicians and officials, meanwhile, have warned that the Brexit talks are entering "crisis mode". A preliminary deal will probably not be reached in December, as previously expected, but could instead be postponed until March, according to the Sunday Times.

Venezuela was declared in default by S&P Global Ratings after missing two interest payments on its debt.

Eurozone growth in Q3 2017 was confirmed at 0.6% q-o-q in the second estimate, in line with the first release. The full detail of the components will be available in the final release on 7 December, but based on the detail available from the countries so far, it looks like net exports made a strong positive net contribution, while domestic demand might have eased a bit from recent strong growth rates.

Investors on Tuesday focused on a European Central Bank conference featuring Mario Draghi, Janet Yellen, Mark Carney and Haruhiko Kuroda, who commented about how their institutions communicate and guide markets. But there were few surprises.

U.S. inflation excluding food and fuel accelerated on an annual basis for the first time since January, climbing 1.8 percent from October 2016, a Labor Department report showed Wednesday. The pickup will be welcomed by Federal Reserve officials debating the pace of interest-rate increases and may help reinforce investors’ expectations that the central bank will lift borrowing costs in December for the third time this year.