Talking-Forex.com
Talking-Forex.com
Overview
Markets have seen some choppy price action this week in the run up to Christmas. Firstly, commodity currencies have strengthened marginally across the board, amid a turnaround in sentiment in the commodities complex. WTI is set to finish over 4% higher than where it started, benefitting from yesterdays unexpected drawdown in U.S. Crude Oil Inventories (-5877K vs. Exp. 1200K Prev. 4801K). As such the likes of CAD, RUB and NOK have benefited with CAD coming off multi year lows.
GBP has seen some softness during parts off the week wherein EURGBP reach its highest level since 15th October highs and GBP/USD fell below 1.4850 for the first time since April. Many commentators are suggesting that come the New Year, more significant focus will be put on the focus of a Brexit, while the more dovish than anticipated comments from BoE’s Weale suggest the BoE are not clos e to hiking rates any time soon.
Looking ahead, next week is set to be particularly quiet as traders take the opportunity of some R&R between Christmas and the New Year, however come the New Year markets should pick up again and participants can look forward to the first post-FOMC nonfarm payroll report, in which the Fed will be hoping will justify their actions.
WEEKLY FX OUTLOOK: Market participants eagerly await Father Christmas, who has given commodity linked urrencies an early gift of reprieve.
The information within this website has been prepared and issued by Talking Forex on the basis of publicly available information and other sources believed to be reliable. Whilst all reasonable care is taken to ensure that the facts stated are accurate, neither Talking Forex nor any director, officer or employee shall in any way be responsible for its contents. This document is intended to provide clients with information and should not be construed as an offer or solicitation to buy or sell securities.You may cancel your service at any time, just contact us from the FAQ/support page quoting your registration email address and we will cancel your subscription as of the next billing cycle or refund your trial deposit.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.