Forex Signals Brief for Dec 29: $2,000 Stimulus Ahead?
Volumes have been light to start the week as risk assets saw more upside on Monday.
US Market Wrap
Volumes have been light to start the week as risk assets saw more upside on Monday.
The main story doing the rounds yesterday was that US President Trump signed the initial bill to give people a $600 stimulus check. Since that point, Trump has also been able to push his case to increase that payment to $2,000.
All along, President Trump has been pushing Congress to cut out the wasteful spending and put a bill together that simply helps the American people. Instead of one that is stuffed full of wasteful Government spending. The new bill now moves to the Republican-controlled Senate for consideration.
As a result, risk markets appeared to like what they were seeing and the SPX along with key tech names continued to push higher.
The Data Agenda
There is really only the one data release today with US consumer confidence coming out.
It’s expected to show an uptick to 97.0 from 96.1. Otherwise, much of the attention at the moment continues to be centred on the US political situation and President Trump’s next move.
Forex Signal Update
The FX Leaders Team didn’t close any green signals yesterday as markets were quiet.
Gold – Watching
GOLD tried to push higher yesterday, but ultimately failed at the $1900 level. Does this double-top suggest there is more weakness ahead?
USD/JPY – Active Signal
The USD/JPY broke to the upside as the USD saw some buying. Generally, more stimulus would weaken the USD, but the Greenback bucked the trend.
Cryptocurrency Update
After the big run in BTC the focus yesterday actually turned to ETH.
Ethereum is continuing to push higher and is trading up to that $750 level. It is certainly worth noting that Ethereum was trading at $100 in March.
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