Forex Signals Brief for Dec 24: Is a Brexit Deal Close?
Markets were mixed for yet another day, on the final trading day before the holidays begin.
US Market Wrap
Markets were mixed for yet another day, on the final trading day before the holidays begin.
While US equities were up and down, we did see a bit of strength in the key risk forex pairs with a sharp reduction in US jobless claims, while the Greenback continues to remain under pressure.
At the same time, there were a number of interesting stories doing the rounds. The first wast the talk of the Brexit deal being closer than ever. This is an interesting time in the UK, with Boris Johnson, an establishment man and leader of the Conservatives, doing all he can to shut down the UK economy.
Over in the US, President Donald Trump released a statement on Facebook, that outlined the massive fraud that took place in the US election. He also touched on why he rejected the US stimulus package, as the citizens received only $600 each, while there were massive handouts to foreign nations and even billions of dollars for the National Mall museums, which aren’t even allowed to open.
The Data Agenda
Data is very thin today as many countries are closed and the others will feature reduced trading hours.
The only data point of note will be Core Durable Orders from the US.
Traders will be closely watching any Brexit developments, with the belief that a deal could be struck in the next 24 hours.
Forex Signal Update
The FX Leaders Team didn’t close any signals yesterday as markets were quiet, however, we still have two signals open, so there is plenty still going on.
LTC – Active Signal
LTC couldn’t hold the $110 level as price fell back to $100, where the buyers once again stepped up.
USD/JPY – Active Signal
The USD/JPY is really starting to coil around this 103.50 level and this is the type of price action that normally leads to a sharp move. We are still short here.
Cryptocurrency Update
BTC once again tried and failed at the $24,000 level.
Given the lead up to the holidays, it’s not surprising that price can’t break out as there is likely a lack of real volume. That said, we should certainly remain bullish for now.
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