Forex Trading Library

Forex Afternoon Wrap – 12/10

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Lack of news keeps markets subdued

The currency markets opened today with Japan closed on account of a bank holiday. The Asian markets were largely trading in the Green with the Nikkei 225 closing 1.64% higher including the Shanghai Index gaining 3.29% while the Hang Seng was up 1.21%. The rallies in the Asian equity markets kept the pressure on the US Dollar as AUD and NZD continued to post gains on a thin trading day. The Aussie and the Kiwi gained close to 0.55% on average for the day at the time of writing. Both the currencies continued to trend higher keeping up its winning streak.

The European markets opened on a quiet note as well with no major economic data scheduled for release. EURUSD was trading flat for the day with prices flirting near the highs above 1.139 before trimming its modest gains. The British Pound continued to trend strongly, currently up 0.35%, trading near Friday’s highs of 1.537. Investors picked up the GBP in favor of the US Dollar on doubts of the weak economic performance and the benchmarks set by the Federal Reserve on hiking interest rates. The Swiss Franc was the weakest currency today followed by the US Dollar. USDJPY is down -0.10% for the day, while the US Dollar Index weakened by -0.16% and is trading near a two-week low.

The European markets were mixed with the DAX trading flat for the day while the FTSE100 was down -0.74% for the day. The commodity markets continued to post gains with Gold up 0.80% for the day, trading near 1168 handle and keeping up its bullish momentum. Silver prices were also trending higher, gaining close to 1.3% as the commodities and metals continued to rebound on a weaker Greenback. Crude Oil was also up strongly, trading near the $50 handle. The gains in Crude Oil came as Kuwait’s oil minister was quoted that economic growth and removal of higher cost producers would help in tightening the supply/production markets.

The US trading session is also set to be quiet with the US and Canada closed on account of bank holidays, Columbus Day and Thanksgiving Day. The US stock markets are also slated to be open today with the futures markets currently trading mixed with the Dow Jones and S&P500 Futures set to open lower while the NASDAQ is expected to post some gains in early trading.

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