Germany was in the spotlight over the weekend, with the center-left Social Democratic Party (SPD) reversing course over coalition talks with Chancellor Angela Merkel’s Christian Democratic Union. A member of the SPD on Saturday indicated that party members were likely to approve entering a coalition with the CDU if SPD leaders made a “convincing proposal.”
On the data front, business confidence data in Germany hit a record level in November, according to data released Friday. The Ifo survey rose to 117.5 compared to the 116.6 projected in a Reuters poll.
The euro traded higher on Friday following those developments, touching as high as $1.1944 during the session compared to Thursday’s close of $1.1848. The common currency traded at $1.1933 at 6:52 a.m. HK/SIN.
Elsewhere, China announced Friday it would be reducing tariffs on 187 consumer goods. The tariff cuts, which will affect everything from special infant milk formula to clothing, are set to take effect from Dec. 1, 2017.
Meanwhile, bitcoin hit yet another record high over the weekend, with investor interest picking up as the holiday shopping season kicked off. The cryptocurrency touched as high as $9,484.91, according to industry site CoinDesk, before moderating slightly to trade at $9,372.04 at 6:35 a.m. HK/SIN.
