This is what you need to know to trade today friday december 9:
The US dollar continues to struggle to find demand amid falling US Treasury yields on Friday, with the Dollar Index dipping towards 104.50 after closing the past two days in negative territory. Market mood remains upbeat on the last trading day of the week with US stock index futures trading slightly higher. Producer Price Index (PPI) data for November will feature on the US economic calendar alongside the University of Michigan preliminary survey of consumer sentiment for December.
Earlier, data from China showed that inflation, measured by the Consumer Price Index (CPI), fell to 1.6% per year in November, from 2.1% in December. This data exceeded market expectations, which expected 1%. For his part, Chinese Premier Li Keiang said the risk of a global recession was increasing, but added that the Chinese economy was currently in a “steady state” after reversing the downward trend in the third trimester. However, both the Shanghai Composite Index and Hong Kong’s Hang Seng remain on track for daily gains.
The EUR/USD it gained 50 points on Thursday and maintains its bullish momentum early Friday. The pair continues to advance towards 1.0600, where it will mark a new multi-month high. The member of the Governing Council of the European Central Bank (ECB) and governor of the French central bank, François Villeroy de Galhau, warned on Friday that “a temporary recession cannot be excluded”, but these comments had little impact on the evolution of the euro against their rivals.
The GBP/USD posted small daily gains on Thursday and is now trading slightly higher, above 1.2250. The Bank of England will release Consumer Inflation Expectations data later in the session.
The USD/JPY it closed virtually unchanged on Thursday and is stretching lower towards 136.00 early Friday.
The gold price It gained ground during Asian trading hours on Friday and started to rally towards $1,800. The 10-year US Treasury yield was down almost 1% on the day below 3.5%, helping XAU/USD to preserve its bullish momentum.
Bitcoin it continues to fluctuate in its weekly range around $17,000. ethereum it gained nearly 4% on Thursday and is now consolidating its gains just below $1,300.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
