Once again, on Wednesday, US equities were unable to keep even the smallest bounce. Further, the weak closing of the American exchanges stimulated subsequent sales in world markets. 10-year US bonds yield consolidates yesterday's drop to 2.75%, which is a nine-month minimum, while Germany's 10-year bonds fell to 25 bp. for the first time in 20 months. Italian bonds, which are often considered a risky asset, lead to lower yields in Europe after news broke that agreement is made with the EU. Swedish Central Bank unexpectedly surprised the market by raising the rate by 25 bp. The Bank of Japan left the rate unchanged, as expected. The results of the BOE meeting are expected, but no changes are in focus as the Brexit uncertainty persists. US dollar continued to decline, US dollar index marked a minimum of 95.65 points in the area of two-month lows. The US dollar is at two-month lows against the yen and six-week lows against the euro.
Bank of England should consider the consequences of a UK exit from the EU after 99 days without an agreement, since today it is ending its meeting. No policy change is expected. However, if it were not for the risks of Brexit, the Bank of England would probably have been closer to raising rates. Earlier, investors and officials learned that base wages grew. Today, the UK has reported retail sales figures. Retail sales jumped 1.4% in November, the second largest year. The median forecast in the Bloomberg survey was 0.3%.
Euro is growing for the fourth consecutive session. It is close to 1.1485, which has not happened since November 7, 2018. Sterling found the session maximum around $ 1.27. Intraday indicators for both the euro and sterling suggest maintaining a positive trend, although it may be difficult for American traders to increase dollar losses in the oversold market.
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