President-elect Donald Trump continued to search for members of his cabinet. Yesterday, the focus was on the next Treasury Secretary as Trump met with Wall Street veterans over the weekend. Currently in the running are Billionaire investor Wilbur Ross, Global Head of Real Estate at Blackstone Group Jon Gray and President of the hedge fund Bridgewater Associates David McCormick. The previous appointments and these nominations are evidence that Trump is willing to appoint Washington outsiders to key roles in the government.
Closer to home, the Pound gained against a basket of currencies yesterday afternoon after an article released by the Times suggested hard Brexit will not be so hard after all. Theresa May hinted that the Government will seek a transitional Brexit deal when negotiations with the EU begin in order to avoid the “cliff edge” that investors fear. All eyes will now be on the Autumn Statement which is scheduled for release Wednesday at 12:30 GMT.
The effect of the weekend’s European politics headlines continued to filter through to the Euro yesterday. The Euro fought back against the Greenback after the longest losing streak since 1999. Germany, Angela Merkel confirmed she will seek a fourth term as Chancellor in next year’s election helping to settle the single currency unions nerves. A surge in support for former Prime Minister Francois Fillon in the French Elections also helped to ease fears over a victory for far-right Marine Le Pen.
UK Public sector borrowing is scheduled for release today, and although not a typical market mover, today’s reading will be looked at by all as the government still looks to invoke article 50 by early next year. From the United states, existing home sales is the only piece of high tier data markets will focus on. US existing home sales is expected to remain almost constant with last month’s 5.47m figure.