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US markets were steady amidst a flurry of political and economic activity. The US House Of Representatives have been pre-occupied with impeaching President Trump for a long time, but overnight announced articles of impeachment, but also took up Trump's North American free trade agreement. This is a massive boost to the US economy and will result in a huge boost to trade and employment, with America's two biggest trading partners. Meanwhile the new tariffs imposed on China are set to come into effect on the 15th of December. There are rumours swirling that these may be delayed and negotiations are under way.
The GBP rallied strongly, ahead of the Brexit election, at the end of the week. The polls are pointing to a Conservative victory and this is why the GBP is rallying so strongly. The EUR also managed to hold gains, trading 1.1080, ahead of the all important ECB meeting later this week. UK GDP growth and industrial/manufacturing production was flat and overlooked as the election approaches. The NZD gave up some recent gains, falling back to 0.6530, while the AUD held 0.6800.
Markets will focus on the FOMC and ECB meetings on Thursday, while the UK elections and US political turmoil continues unabated.