Forexlive Americas FX news wrap: USD trades lower in holiday trading
Forex news for NY trading on December 28, 2017.
- US stocks end the session with gains
- Bitcoin moves back down to test lows and bounces
- US treasury auctions off 7 year notes at 2.37%
- EURUSD extends toward the November high at 1.19605 level
- Forex technical analysis: GBPUSD moves back into post-Brexit "swing area"
- European stocks down again today
- DOE crude oil inventories come in at -4609K vs -3750K estimate
- EIA Natural gas inventories fell 112 Bcf last week
- Chicago purchasing managers index for December comes in at 67.6 versus 62.0
- Bitcoin trades back below the 200 and 100 hour MAs. More bearish
- Advanced goods trade balance for November $-69.7 billion vs -$67.9B
- US wholesale inventories for November 0.7% vs 0.3% estimate
- US initial jobless claims 245K vs 240K estimate
- The CHF is the strongest while the USD is the weakest currency as NA traders enter
- Reuters poll: Crude oil seen averaging $55.78 per barrel in 2018
In other markets near the close for the day:
- Spot gold followed the dollar and is ending the day higher by $7.74 or 0.60% at $1295.03
- WTI crude oil rallied up $0.26 or 0.44% to $59.90. The inventory data showed another greater than expected drawdown.
- US yield are ending the session higher. The 5 year rose the most. 2 year yield 1.903% up in basis point. Five year yield 2.295%, up 3.6 basis points. 10 year 2.4269%, up 1.6 basis points. 30 year 2.7515%, up 0.5 basis points
- US stocks rallied to close and are ending the day with gains. S&P index rose by 0.18%. NASDAQ composite index increased by 0.16%. Dow industrial average increased by 0.26%
The GBPUSD entered into the post-Brexit high area from 2016 at 1.34439 to 1.3532. The high reached 1.34555 but has backed off into the close and trades at 1.3440. I think traders will want to see more momentum above that 1.34439 level to get more excited about the topside. If it can not, the move higher from the Tuesday low at 1.3346, might see some backtracking.