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Forex Today: Risk-on to kick-start the week amid Trump’s comments
Here is what you need to know on Monday, December 23rd:
- US President Trump said that phase one of the trade deal with China would be signed “very shortly.” The news should be considered risk positive and back high-yielding assets at the weekly opening.
- The UK Parliament passed PM Johnson’s Brexit bill, with the UK set to leave the EU in January 2020. The market could be concerned about a no-deal Brexit and take it as a negative sign.
- The US will release Durable Goods Orders this Monday, the only relevant piece of data this week. Volumes will likely fall sharply amid the Christmas holiday. In this scenario, major pairs could see wide moves out of the bloom.
- US Treasury yields edged higher, posting their largest weekly gain in almost two months, as solid US GDP spooked the ghost of recession. Wall Street closed at record highs.
- Spot gold spent the week hovering between 1,475 and 1,480, ignoring political headlines and unable to attract investors.
- Crude oil prices retreated from fresh multi-month highs on Friday, trimming half of their weekly gains, despite the number of active rigs in the US decreased. Profit-taking ahead of winter holidays probably behind the slump.
- Cryptocurrencies edged higher during the weekend, with uneven strength. Further declines not out of the table.
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FXStreet Team
FXStreet
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