Slightly weaker dollar on profit taking

26 December, 2016

The US dollar was rather weak against the euro or yen today’s session which was related to a profit taking ahead of Christmas. Flat trading should be seen also at the start of the next week. 

The dollar was weaker despite rather positive data about consumer confidence and robust housing market which may have bigger contribute to the economic growth for current quarter. On the other hand, we have noticed a heavy sell-off on AUDUSD due to comments from Chinese President, Xi Jingping who said that stability is more important for China and economy may miss 6,5% growth target next year. 

The oil was sold-off on daily basis which was related to stronger dollar this week and bearish factor from Libyan announcement about possibile new supply at the beginning of the new year, bearish report on US inventories and another rise of US oil rigs. 

The pound was under selling pressure once again, due to negative revision of GDP data from UK. Investors eyes should be directed to local lows from recent months. 

Monday will be rather flay, because only Japan will be normally on the market. Tradebeat will be back on Tuesday’s morning. 


Source link  
Oil remains elevated, US production keeps rising

Baker Hughes report for the last week has showed another rise of US oil producers activity. The number of active rig counts rose by 8 w/w which obviously favours the further rebound of supply on the market...

DAX reached the nearest resistance

European stocks are trading higher today due to a general risk-on triggered by Donald Trump. He commented on deregulation and corporate tax cuts and commited to introducing a plan in 2-3 weeks which was more than enough for US stocks to surge towards new record highs...

DAX struggling to deny that it is caught by bearish channel

The sentiment on European equities is very cautious, but the main indices remain slightly above zero today. The Dax made an attempt in the morning to shake off its recent weakness, but upward move faded within one hour...


Deutsche with shorts on EURCHF

Bank remains short EURCHF targeting 1.02, Deutsche says that if speculators also upped the pressure, continued intervention would become ever costlier...

DAX - a volatile start of the week

The DAX started the week with a fall of 100 points that was quickly corrected. Currently the index a bit higher on the day and the first drop should be associeted with the political news...

Stocks begin the week on the back foot

Stock markets have started out in a defensive mode this morning with the FTSE 100 falling more than 60 points. Donald Trump is in the headlines once more as his latest executive order signed late on Friday has caused a furore around the globe...


USD back on track

The overnight trading results in a continuation of the US dollar gains. A broad based recovery of the US currency is what has been missing yesterday morning to call the market behavior a proper return of the Trump trade...

UK GDP grows faster than forecast

This morning saw the release of data which shows that the UK economy grew faster than expected in the final quarter of 2016. The pound is higher on the day but has seen some weakness since the release, perhaps due to some traders seeing this as a good opportunity to book some profits after a strong run higher in the past couple of weeks...

A small sell-off on Oil after API

After a closing bell on Wall Street, API issued a weekly report on Crude Oil inventories in the US. The report is pretty bearish for oil. Inventories rose by 2.93mln bbl with expectations at 2.5mln. If the data is confirmed it will be the 3 consecutive week of growth...

  


Share: