Forex Today: New Year’s Eve means more choppy trading ahead

Valeria Bednarik FXStreet

What you need to know on Friday, December 31:

Major pairs held within familiar levels on Thursday, trading choppily amid thinned market conditions. Most financial markets will be closed on Friday, amid the New Year’s Eve holiday. Wall Street will operate normally, while the bonds markets will close earlier. Market’s are likely to remain choppy.

The macroeconomic calendar will remain empty through all Friday, although China will publish the December official PMIs.

Coronavirus contagions continue escalating to record cases. Italy reported 126K new contagions, Spain 161K.

The EUR/USD pair is trading a few pips above the 1.1300 level, while GBP/USD managed to reach a fresh monthly high of 1.3521. The Canadian dollar was the strongest, as USD/CAD fell to the 1.2740 price zone. The AUD/USD pair, on the other hand, met sellers for a second consecutive day around 0.7275. USD/JPY maintained a positive tone, trading at around 115.10.

Crude oil consolidate gains, while gold prices ticked higher, with both holding within familiar levels.

Wall Street edged higher, with the S&P reaching record highs. US Treasury yields held near Thursday’s high, with the yield on the 10-year note currently at 1.52%.

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.