Market News, 24 Dec 2019

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By: Andria Pichidi

Goodmorning – Christmas Eve 🙂
Holiday-thinned quiet trading prevails!
Meanwhile, risk appetite remained healthy – more new record highs on Wall Street
China’s Times: US interference in issues surrounding Taiwan, Hong Kong, and Xinjiang
FT: US is pushing the UK to avoid facilitating China’s Huawei when it comes to the 5G.
All these dim prospects of healthy future relations with the US
However, USD depressed slightly after the downbeat of durable orders and new home sales.
USD Index – struggles to advance above 97.30 area so far
BOJ Dec meeting’s minutes showed that BoJ keeps the options on additional easing open as downside risks to overseas economies remain significant!
JPY – FLat below PP at 109.39, S1 109.30 and R1: 109.50
EUR –  stack for the 3rd day at 20-day SMA – only a decisive move could give a direction sign in the near term.
GBP – kept a floor at 50-day SMA 1.2920 as Brexit fears loom again
NZD – the Gainer of the week
AUD – Struggles to break 0.6930 Resistance – currently at 0.6918  and S1 at 0.6910
CAD – 1.3155  consolidation after weak US data, and miss in Canadian GDP – holds well above 3-month lows though.
Silver and  Gold in a Rally!!

GOLD – spike further above $1490 – after North Korea’s main newspaper called for the development of new weapons, while the US’s FAA is reported to have issued a warning of possible missile launches by North Korea. Next R: 1495-1497.50 and S: 1483
USOIL traded neutral to higher on lower than expected. US Crude inventory
Holidays this week:

Singapore is out for a holiday on Wednesday, December 25
Hong Kong is out on Wednesday, December 25 and Thursday, December 26
Japan will remain open all days this week
Australia is out on Wednesday, December 25 and Thursday, December 26
New Zealand is out on Wednesday, December 25 and Thursday, December 26
Christmas is not an official holiday in China.


Risk Warning: Trading-Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary, seek independent advice.

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