Christmas rally comes late

December 23, 2015

The Christmas rally is coming later this year with European equities moving higher on today’s open, but we are still some way off seeing indices posting gains for the month. With a bounce in crude prices overnight, which look like for now to have found a bottom with support around the mid $30 level, the mining and energy sectors are benefitting from some bargain hunting. A shadow of their former selves these stocks have performed woefully throughout the year and where there’s any bounce in commodity prices there’s going to be a corresponding move in these sectors. Whilst the relationship between commodity prices and the Aussie is not as strong as it was, there is still a correlation and we’ve seen AUDUSD move up from the 0.7100 level this week, now sitting at 0.7245.

Today sees the final reading of UK GDP for Q3 which is due to confirm a reading of 0.5% so the impact on sterling is likely to be minimal, but there’s a lot of US data later in the form of durable goods, Michigan consumer sentiment and new home sales that could cause some movement in the dollar especially since volumes are likely to dwindle over the next two days. With GBPUSD being on the back foot recently this morning’s bounce to 1.4850 could be short lived if the US data is better than expected.

Publication source
FxPro information  FxPro reviews

December 7, 2016
Will ECB support Italy?
The yield of the Italian sovereign debt fell on Tuesday as the focus moved to the political uncertainty on the market. After Renzi’s crash on the weekend and the expectations of the ECB measures to deal with the possible fallout of the financial markets...
December 7, 2016
WTI bears on the prowl
WTI Crude was vulnerable to sharp losses on Tuesday following reports of OPEC output rising to a worrying record high of 34.19 million barrels per day in November which revived the oversupply concerns
December 7, 2016
CAD claws back ground
The Canadian dollar has finally managed to gain some ground against the strong USD after weeks of the market waiting for it to react to oil prices beginning to show some turn after the recent OPEC agreements...

Trade360 Rating
Orbex Rating
OANDA Rating
FOREX.com Rating
FxPro Rating
XM Rating

Binary Brokerz Rating
Anyoption Rating
EZTrader Rating
TropicalTrade Rating
Porter Finance Rating
24option Rating