Global markets portray the holiday mood even as China and Japan try to impress momentum traders. However, the US Dollar’s pullback seems to help the major, ex-JPY, as well as the commodities. Even so, the Crude Oil price leads the bears amid easing optimism surrounding China’s covid unlock.
That said, AUDUSD defends its position as the G10 gainers while the USDCAD portrays the market’s indecision amid downbeat oil prices. It should be noted that the USDJPY bucks the trend amid downbeat signals from the Bank of Japan (BOJ).
Gold grinds higher whereas the EURUSD stays firmer for the third consecutive day, despite posting minimal gains as of late.
Elsewhere, BTCUSD and ETHUSD fail to cheer softer US Dollars amid crypto market fears, not to forget the looming concerns over the regulatory aspects.
Following are the latest moves of the key assets:
Brent oil snaps a two-day winning streak as it retreats from a three-week high, marked the previous day, as the US doubts China’s Covid announcements and seeks ways to levy fresh restrictions on foreign travelers from the dragon nation.
US Treasury yields retreat as San Francisco Fed’s research rules out US recession woes for at least the next two consecutive quarters. The same fail to underpin the US Dollar amid mixed statistics and the market’s year-end consolidation.
It should be noted that the stocks in the Asia-Pacific region marked an upward grind despite Wall Street’s mixed closing whereas the equities in the UK and Europe print mild losses by the press time.
BOJ Summary of Opinions pushed back hawkish concerns surrounding the Japanese central bank and drowned the JPY. On the same line could be the downbeat Industrial Production readings from the Asian major.
Cryptocurrencies continue to portray the traders’ fears even as the BTC whales hint at a bull run.
US Pending Home Sales for November and weekly oil inventories from the private player will populate today’s economic calendar. However, the year-end inaction and the holiday mood could keep weighing on the trading sentiment, suggesting the continuation of the early-day moves amid a lack of liquidity.
May the trading luck be with you!
