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Euro awaits German CPI print, Ripple skyrockets

Summary:

  • Stronger EUR weighs on the European stocks

  • Ripple (XRPUSD on xStation5) up more than 20%

  • Investors eye German inflation data

So far the last trading day of 2017 is calm. Not many important figures are scheduled for release today. European stocks are put under pressure by stronger euro. Following yesterday’s upbeat DoE report oil prices move to the highest levels this year. Gold rises moderately on behalf of USD weakness.

Almost a week after heavy sell-off on cryptocurrency market it seems that the market steadies ahead of the year-end. Ripple is one exception. The virtual currency resisted the bloodbath yesterday and it has been continuing rally rising almost 100% only this week.

The upbeat mood during yesterday’s session on Wall Street was followed by gains on Asian stock markets. Most benchmarks from the continent increased moderately closing year at the multi-year highs. Stronger euro set most of the European benchmarks for a red opening.

It’s been a great year for global stock markets. When it comes to Asian indices,  note that MSCI Asia Pacific Index has increased by almost 29% since the beginning of the year supported by a solid pace of economic expansion and a go-slow approach of major central banks in exiting an extremely loose monetary policy.

In today’s calendar we have one more top-tier release scheduled and it is Germany inflation data. Euro has fared very well in December despite the fact that the ECB took a dovish stance at the previous meeting. Inflation is the key metric now that the economic environment is strong.

 

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