Here is what you need to know on Friday, December 9:
The US Dollar continues to have a hard time finding demand amid retreating US Treasury bond yields on Friday with the US Dollar Index edging lower toward 104.50 after having closed the last two days in negative territory. The market mood remains upbeat on the last trading day of the week and US stock index futures trade modestly higher. The Producer Price Index (PPI) data for November will be featured in the US economic docket alongside the University of Michigan's preliminary Consumer Sentiment Survey for December.
Earlier in the day, the data from China showed that inflation, as measured by the Consumer Price Index (CPI), declined to 1.6% on a yearly basis in November from 2.1% in December. This reading came in higher than the market expectation of 1%. Meanwhile, China’s Premier Li Keiang said that the risk of a global recession was increasing but added that the Chinese economy was currently in a 'stable state' after reversing the economic decline in the third quarter. Nevertheless, The Shanghai Composite Index and Hong Kong's Hang Seng Index both remain on track to post daily gains.
EUR/USD gained 50 pips on Thursday and preserved its bullish momentum early Friday. The pair continues to edge higher toward 1.0600, where it will set a fresh multi-month high. European Central Bank (ECB) Governing Council member and French central bank governor Francois Villeroy de Galhau warned on Friday, “a temporary recession cannot be excluded," but these comments had little to no impact on the Euro's performance against its rivals.
GBP/USD registered small daily gains on Thursday and was last seen trading modestly higher on the day above 1.2250. The Bank of England will release the Consumer Inflation Expectations data later in the session.
USD/JPY closed virtually unchanged on Thursday and started to stretch lower toward 136.00 early Friday.
Gold price gained traction during the Asian trading hours on Friday and started to climb higher toward $1,800. The benchmark 10-year US Treasury bond yield is down nearly 1% on the day below 3.5%, helping XAU/USD preserve its bullish momentum.
Bitcoin continues to fluctuate in its weekly range at around $17,000. Ethereum gained nearly 4% on Thursday and was last seen consolidating its gains slightly below $1,300.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD consolidates weekly gains above 1.1150
EUR/USD moves up and down in a narrow channel slightly above 1.1150 on Friday. In the absence of high-tier macroeconomic data releases, comments from central bank officials and the risk mood could drive the pair's action heading into the weekend.
GBP/USD stabilizes near 1.3300, looks to post strong weekly gains
GBP/USD trades modestly higher on the day near 1.3300, supported by the upbeat UK Retail Sales data for August. The pair remains on track to end the week, which featured Fed and BoE policy decisions, with strong gains.
Gold extends rally to new record-high above $2,610
Gold (XAU/USD) preserves its bullish momentum and trades at a new all-time high above $2,610 on Friday. Heightened expectations that global central banks will follow the Fed in easing policy and slashing rates lift XAU/USD.
Pepe price forecast: Eyes for 30% rally
Pepe’s price broke and closed above the descending trendline on Thursday, eyeing for a rally. On-chain data hints at a bullish move as PEPE’s dormant wallets are active, and the long-to-short ratio is above one.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.