This is what you need to know to trade today Thursday, December 23:
The dollar continued to suffer losses against its main rivals on Wednesday and risk flows remained in control of financial markets. Later in the session, the US will release data from the Personal Consumption Expenditure (PCE) Price Index for November, the Fed’s preferred indicator of inflation, along with monthly personal income and spending figures. Weekly jobless claims, November new home sales and the University of Michigan Consumer Sentiment Index for December will also be included in the US economic calendar ahead of the Christmas holidays.
On Wednesday, the index S&P 500 it rose more than 1% after reports suggesting that the Omicron variant is not as dangerous as feared. The BBC reported that early evidence from a study conducted in Scotland showed that fewer people were hospitalized compared to earlier variants. Additionally, research conducted in South Africa found Omicron to be a smoother variant than Delta. Reflecting the positive shift in risk sentiment, the Shanghai Composite Index rose 0.5% and the Nikkei 225 Index gained more than 0.8%. At the beginning of the European session, futures for US stocks are trading unchanged.
The EUR/USD It capitalized on the general weakness of the dollar and rose towards the upper limit of its December trading range around 1.1350 on Wednesday night before entering a consolidation phase on Thursday.
The GBP/USD it climbed sharply as worries about the Omicron variant eased. The pair is trading in a tight range around 1.3350 and remains just shy of the post-BoE top at 1.3375.
The USD/JPY it stretched higher despite dollar weakness as the yen struggled to find demand as a safe haven. The 10-year US Treasury yield is posting small daily gains of around 1.46%, helping the pair stay afloat in positive territory.
After spending most of the day in a narrow range near $ 1790 on Wednesday, the oro It regained its traction and appears to have settled above $ 1800 for the time being. Rising US Treasury yields appear to be limiting the XAU / USD rise right now.
The USD / CAD It fell sharply and lost nearly 100 pips on Wednesday as crude oil prices soared, providing a boost to the Canadian dollar related to commodities. The pair remains above 1.2800 early Wednesday morning and a barrel of West Texas Intermediate (WTI), which rose more than 2%, is consolidating its gains slightly below $ 73.
Bitcoin it continues to trade in a narrow range below $ 50,000 after failing to break above that level on Wednesday. Ethereum struggled to attract buyers after surpassing $ 4,000 and is trading in positive territory around $ 3,900 early Thursday morning.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
