Forex news for NY trading on December 23, 2016
- US stocks end day/week with modest gains
- CFTC Commitment of traders: Shorts in EUR and GBP are trimmed
- US Crude oil futures settle at $53.02 per barrel
- Baker Hughes total rig count rises 653 vs 637 last
- European stocks go out with a whimper
- One more time....I guess there are still some traders out there pushing against the 200 hour MA
- November US new home sales 592K vs 575K expected
- U Mich consumer sentiment final 98.2 vs 98.0 expected
- USD/CAD shows why to draw trendlines with a thick pencil
- Canada October GDP -0.3% m/m vs 0.0% expected
- The strongest and weakest currencies as NA traders settle in for the day (?)
In other markets:
- S&P index +0.3%, NASDAQ +0.28%, Dow Jones industrial average +0.07%
- US debt yields lower by 1 bp
- Spot gold at 1132, plus $3.77 or 0.34%
- WTI crude oil futures $53.10 plus $.15 or 0.28%
The forex markets - and markets in general - seemed to tap into the egg nog a little early. Holiday markets prevailed which not include a whole lot of market activity. With Christmas on a Sunday this year, they will take a breather on Monday (and potentially all of next week too). Economic highlights next week:
- Japan CPI on Monday 6:30 PM ET/2330 GMT
- US Consumer confidence on Tuesday at 10 AM ET/1500 GMT
- US pending home sales on Wednesday at 10 AM ET/1500 GMT
- Japan Retail Sales on Tuesday at 6:50 PM ET/2350 GMT
- US initial claims on Thursday at 8;30 AM ET/1330 GMT
Those are the highlights. Needless to say the highlights are not that great.
For the week, the USD was mostly higher. It fell against the JPY, but rose against the NZD, CAD, GBP and AUD. Against the CHF and EUR, the greenback was nearly unchanged.
For the day, the AUD was the weakest against the USD. The pair fell as NY traders were entering for the day. The pair fell below a floor at the 0.7200 level and fell about 50 pips. The rest of the day was spent moving up and down. Stay below 0.7200 now for traders.
The EURUSD remains below the 200 hour MA at the 1.04639 and above the 100 hour MA at 1.04218. The high went right up to the MA line. The low stalled within 5 pips of the lower 100 hour MA. Looking for the break next week.
The GBPUSD moved to the lowest level since Nov 2. At the low the pair was down about 54 pips but by the close all those losses were recovered. The pair ended the day unchanged.
The USDJPY fell to the 200 hour MA and wandered above and below the MA level for the over the final 7 or so hours into the close. We are ending the day and week right on that MA line at 117.26. For the week, the high was contained mainly by the 118.06 level (although it did trade up to 118.23 on Tuesday). The low at 116.53 stalled at the 38.2% of the move up from the December 8th low.
Let's end it there. Wishing you all the very best Christmas/Holiday season.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.