27/11/2017
News.
Main points for Today
• Euro recovers amid hopes of a coalition in Germany
• EUR gained on Friday, after the leader of Germany’s 2nd largest party (SPD) signalled the possibility of another “Grand coalition” with Merkel’s CDU.
• This likely came as a surprise, as the SPD had ruled out another “Grand coalition” after the elections.
• Although this is not final yet, simply the fact that the option of another grand coalition is on the table is a very encouraging development for Germany and the EU.
• If this situation is resolved swiftly, the euro could recover further, as investors turn their sights back to the likelihood for institutional EU reforms.
• Bitcoin breaks another record high, tops USD 9700
• Bitcoin opened with a large positive gap this week to reach USD 9700, breaking yet another record high.
• No clear fundamental catalyst behind the surge. A potential reason may be news that S. Korea’s 2nd largest bank is testing a bitcoin vault and wallet service.
• These are major news, because so far most BTC transactions were done through exchanges, not banks.
• Coming on top of the CME’s upcoming launch of bitcoin futures, this adds further legitimacy to Bitcoin.
Today’s highlights:
• Speakers: ECB Vice President Vitor Constancio (11:15 GMT).
As for the rest of the week:
• Tue: US Senate hearing on the nomination of Jerome Powell to be Fed Chair.
• Wed: Germany’s preliminary CPI for November, and US 2nd estimate of GDP for Q3.
• Thu: OPEC meeting, Eurozone’s CPI for November, US personal income & spending for October.
• Fri: Japan’s CPI for October, Canada’s unemployment rate for November and GDP for Q3.