This is
the last update for the year. Rather than look specifically for what may happen
today – because generally the last trading day before Xmas is a super quiet day
– I’ll provide a general outlook for the week ahead. I doubt we’ll see too much
movement over today – although I’ve seen one or two exceptions when a large
corporate trade causes bedlam in what is normally the least liquid day of the
year, but they don’t occur that often
So,
I’ll focus more on next week’s 4-day week and basically we should be seeing a
weak Dollar on the whole. It’s always difficult to judge whether it’ll be a
slow, grinding development, rather as we have seen this week, or a sudden rush
of bravado in a stronger trend. Generally it’s one or the other and nothing
in-between…
Overall,
the larger picture is still very much the same. We’ve come from the EUR and GBP
highs from mid-2014 and getting closer to the final stages – but I’m not
expecting any final completion too soon. Moving into Spring I suspect some
stronger daily swings again but that’s down the road. Even in that move into
Spring there will still be some intermediate broad swings also. So it promises
to be a rocky road to traverse.
I wish
you all a splendid Holiday Season…
Ian Copsey