Forex Today: Dollar advances in quiet trading
|What you need to know on Wednesday, December 29:
The dollar received some market’s attention in the American afternoon, posting daily gains against most major rivals. Wall Street opened with a firm tone and flirted with all-time highs, but turned lower soon afterwards, with major indexes ending the day mixed. In the absence of relevant news, investors focused on mounting speculation the US Federal Reserve may raise rates as soon as in March 2022.
US government bond yields maintained a low profile, holding at the lower end of their weekly range. The yield on the 10-year Treasury note hit 1.455% and currently stands at around 1.47%.
EUR/USD pressures the 1.1300 level, while GBP/USD holds above 1.3400 after reaching a fresh monthly high of 1.3461. AUD/USD trades around 0.7220 while USD/CAD quotes at 1.2816 as commodities eased from fresh highs. The USD/JPY pair trades just below the 115.00 figure, maintaining its bullish stance.
Gold peaked at $1,820.25 a troy ounce, but trimmed intraday gains and closed in the red at 1,806. Crude oil prices rallied to fresh multi-month highs, with WTI reaching $76.89 a barrel.
Good news in the Brexit front provided support to the Pound Sterling, as the EU and the UK reached a deal to increase the UK workers’ quota from 50% to 70% in fishing vessels, starting April 2022.
Meanwhile, most European countries keep reporting record coronavirus contagions. However,
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