Elliott Wave: Price action signals a Christmas rally [Video]
|I hope you enjoyed your weekend and welcome to our market update for this holiday-shortened week. As you know, it will most likely be a slow week, especially from Wednesday onward when the holidays begin and trading activity usually fades. But we could still see some risk-on flows resume, particularly after the strong rebound and turnaround in stocks last week, while the dollar can come down from resistance.
If you recall, the US unemployment rate came out higher than expected last week, and CPI also softened more than forecast. All of this supports the view that the Fed could continue with its cutting cycle, and that narrative is still driving markets into year-end. With the dollar under pressure, we are also seeing metals trading nicely to the upside. We also see JPY weakening despite the BOJ hiking rates on Friday. For now, the market seems to be ignoring BOJ, and moves in yen crosses are mostly linked to risk-on flows.
In our latest webinar for this year, I will talk about lot of FX pairs, SPX, GOLD, SILVER, Crude and BITCOIN.
I hope you have a wonderful Christmas season, enjoy it and thanks for sticking around!
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.