Forex Signals Brief for Dec 31: Markets Mixed into the End of the Year
Rowan Crosby • 2 min read
US Market Wrap
As markets ground their way into the end of the year, there were mixed leads and no real themes in US trade.
The SPX looked a little soft as profit-takers appeared to be taking their earnings off the table after what has been a strong year.
So far in 2019, US equity markets are up by nearly 30% compared to most other global markets, which are up around 20%.
WTI was one strong performer, on the back of the US-China trade talks looking like they will be signed off in the coming weeks, with the Chinese President to head to the US in the coming days to finalise the proceedings.
There will be a number of markets that are having the day off, while most will have only half sessions.
There isn’t much data out at all, but we do have consumer confidence from the US. This is the December number and is expected to by ticking higher in a positive boost for sentiment.
Otherwise, there might be some finalising of positions on what is the final trading day of the year.
Have a great 2020 from the FX Leaders Team.
Forex Signal Update
The FX Leaders Team finished with 1 win from 2 signals with a nice trade in GOLD being the highlight.
USD/JPY – Pending Signal
The USD/JPY fell sharply from the 109.50 level as we’ve seen the risk-on trade causing some USD weakness. We are still hunting a rebound play here.
EUR/JPY – Pending Signal
The EUR/JPY fell away form the 122.50 level, which is what we might expect this time of year. This might be an opportunity to buy the dip.
BTC continues to weaken, but little is really happening otherwise.
Price remains below the $7,600 level with buyers likely under $7,000.
It’s been a rough year for Bitcoin and it could get worse in 2020. There is plenty of talk about a crypto-Yuan, which would be fully backed by the Chinese central bank, which raises questions about many digital currencies.