The key focus for today will undoubtedly be on the outcome of the ECB’s first tranche of unlimited three-year loan operations. Yesterday’s robust Spanish bond auctions and an unexpected improvement in the German business confidence index have helped to minimize market concerns. The high yield currencies are all trading higher today against the USD and the JPY, while at home today’s release of BoE minutes for its December meeting is unlikely to attract much market attention.
We expect the current modest risk-on trading sentiment to be maintained in the run-up to the festive season.
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