Donald Trump promised in a festive tweet that he is committed to deliver tax cuts, but a poll by Reuters showed that the belief in this is weak. The poll also questioned the effectiveness of the reform in spurring economic growth.
USDJPY advanced to the level of 111.50, as demand for yen rose after the flight of investors from the Chinese stock market. CSI 300 showed the strongest decline in 1.5 years by 3 percent, after Chinese authorities stepped up work on reducing credit risks in the economy. On Friday, the index fell further by 0.9%.
EURUSD reached the level of 1.1850 this week, the highest since the beginning of October, as the business surveys, as well as sector PMIs exceeded forecasts, pointing to the high confidence of corporations in the economic recovery. Expectations as a leading indicator are probably be the strongest driver for European currency as the ECB has already more or less outlined its position on .
On Friday, the pound sterling retreated from the six-week high of $ 1.3337, but rumors of a positive shift in the Brexit negotiations have become a sufficient catalyst for hungry for positive news investors. The results of today's May talks in Brussels can be crucial for the British currency.
High willingness to negotiate
Draft of the OPEC meeting on November 30 in Vienna takes only three hours for negotiations of ministers of oil exporting countries to extend the OPEC + pact. At past meetings, they could continue until the morning, which indicates low discord and high willingness of representatives to confirm the deal. Secretary-General Mohammed Barkindo said on November 7 that the working group was trying to agree on the terms of agreement's prolongation before confirming it at an official meeting. The oil market keeps an upbeat mood due to various news saying in favor of reducing supply of crude oil .
This analysis is provided as general market commentary and does not constitute investment advice.