Forex Signals Brief for Dec 28: Holiday Trading
Rowan Crosby • 2 min read
US Market Wrap
Markets were relatively quiet to end the pre-Christmas trading week but there is still plenty of news around that will impact financial markets.
Arguably the biggest news of last week was the Brexit deal finally getting over the line. After years of negotiations, Boris Johnson finally made good on his promise to “get Brexit done”, despite the fact he was forced to make many concessions to do so. There is also still plenty of details that need to be worked out, so it’s unlikely this is the last we’ll hear of it.
Elsewhere there is still plenty of attention on the US elections, as voting in the Georgia runoffs gets underway. If you recall, Georgia is one of the key swing states and Republican’s need to gain these two key seats to protect their control.
Over the weekend, we did see another surge higher in BTC, with price testing the $28,000 level and resetting its record highs.
The Data Agenda
Data is very thin this week as we might expect, with the new year creating another shortened week of trade.
There will still be data releases, however, the only top-tier events will be Chinese Manufacturing PMI, Jobless claims from the US along with Consumer Confidence.
Thursday and Friday will be quiet sessions, with holidays scheduled in most major markets.
Forex Signal Update
The FX Leaders Team had a light trading week as you might expect, but we did close out our long LTC signal for a monster profit.
Gold – Watching
GOLD will be a trade to watch this week as there is significant uncertainty in the US at the moment and we are already seeing strength in the crypto space.
USD/JPY – Active Signal
The USD/JPY failed as it attempted to push higher last week and has opened the week softer. We are still looking for downside here as the decline in the Greenback is likely to continue.
BTC has been the big story of the past few days with price pushing higher and testing the $28,000 level.
There are a number of reasons for the rise recently and I suspect we are going to see more ahead.