STATE OF THE MARKETS
Dow shot to record high. US stocks advanced further on Wednesday, but a late sell-off sent the Nasdaq (-0.10%) back in the negative, while Dow (+0.25%) shot to record high and S&P (+0.14%) closed in the green. Improved sentiments sent bond yields higher, with the 10Y benchmark back to 1.56%, while the Dollar remained pressured under the 96 handle.
In the commodities market, improved sentiments saw crude continue its upward trajectory to $77/bl before closing at $76.40/bl as New York closed. Gold was sold off to $1,789.30/oz on higher yields, but bidders came to the rescue to settle the precious metal higher above $1804.00/oz. Elsewhere, Iron fell to $112.34/tn as uncertainties hit the US BBB plan.
In the FX space, general sentiments were bullish as short and medium term traders kept Swiss and Yen in offers while the high beta Aussie and Kiwi in bids. Moreover, long term investors flipped Aussie to bids while sending King Dollar to offers. On Thursday, markets look forward to reading the latest numbers on jobless claims and Chicago PMI. There will be no earnings reports until January the 3rd, 2022. Happy Holidays!
OUR PICK – No New Picks
No new pick on thin markets. Late year end post X’mas and new year, markets are running thin as most big players are already wrapping up their books and gone for holidays. Left are the junior traders to run the errands that we see as better to stay on the sideline until after the first week of the New Year.
If you plan to trade for fun, then we suggest trying the high probability Trading Central services. Happy Holidays!
Risk Disclaimer:
This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities/oz. Opinions expressed are of the authors and not necessarily of MFM Securities Limited or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.