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Forex Weekly Outlook Dec. 28-Jan. 1 2021 – Brexit and US stimulus bring some Christmas cheer

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The Brexit talks went down to the wire, but in the end, the European Union and UK finally hammered out an agreement on Thursday, just before the UK leaves the bloc on December 31st. There were fears that a deal might not be reached, which triggered losses for the pound earlier in the week. UK Final GDP for the second quarter was revised upwardly to 16.0%, up from 15.5%. This was a sharp rebound from the Q2 release of -19.8%.

In Canada, GDP has been slowing since hitting 6.5% in June, and economic growth came in at just 0.4% in October. This edged above the consensus estimate of 0.3%. Has the Canadian economy run out of steam?

In the US, Congress approved a massive stimulus package, but President Trump has thrown a monkey wrench in the process, saying he will veto the bill unless stimulus payments are substantially increased.

US Final GDP for the third quarter was revised upwards to 33.4%, up from 33.1%.  Despite this strong gain, the US economy remains below pre-pandemic levels.

Further reading:

Safe trading!

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