Market Brief: GBP Walloped As No-Deal Brexit Fears Return
Matthew Weller | Dec 18, 2019 12:27AM ET
- US data: US Industrial Production (Nov) came in at +1.1%, above expectations of a 0.8% rise. US Housing Starts (Nov) also beat expectations at 1.365M annualized vs. 1.345M expected. The JOLTS report showed a higher-than-expected 7.267M job openings.
- FX: The British pound was by far the weakest major currency as PM Boris Johnson put a no-deal Brexit back on the table. GBP/USD has now retraced its entire election surge from last week to trade back near 1.31.
- The New Zealand dollar also fell after the biweekly GDT auction showed prices of dairy products, a key export, fell -5.1%. The Swiss franc was the strongest major currency on the day.
- Commodities: Oil gained 1% on the day while gold was essentially flat.
- Financials (NYSE:XLF) were the strongest major sector today; REITs (NYSE:XLRE) brought up the rear.
- UK healthcare provider NMC Health (LON:NMC) dumped -32% as noted short seller Muddy Waters Research revealed a bearish position in the stock.
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