Market Sentiment Remains Positive Despite Very Thin Liquidity
Skerdian Meta•Tuesday, December 26, 2023•1 min read
The price action continues to be quite slow and since it is that time of year for minimal trading, but the sentiment is generally upbeat after the Christmas holiday. The stock market indices are slightly higher, with the Nasdaq futures up 0.2%. Oil is up $1.70m after a surge in the last few hours, which is driving up front-end yields.
We are short on the USD since it tends to dive lower when the sentiment is positive, buying EUR/USD , GOLD , GBP/USD and AUD/USD among other, although it’s likely that these forex signals will continue until tomorrow, because the price action continues to remain slow and traders don’t seem willing to push things to far today.
The Composite Index from the Chicago FED
- November Chicago Fed national activity index +0.03 vs -0.49 prior
- Prior was -0.49 (revised to -0.66)
- Employment-related indicators contributed +0.03 to the CFNAI in November, up from –0.15 in October
- Production-related indicators made a neutral contribution to the CFNAI in November, up from –0.37 in October
US Philly Fed Dec non-manufacturing index +6.3 vs -11.0 prior
- Philly Fed Dec non-manufacturing index +6.3 points vs -11.0 prior points
- November non-manufacturing index was +6.3 points
- Firm-level business activity +8.5 points vs +10.3 points prior
- New orders -3.3 points vs -8.6 points prior
- Full-time employment +7.6 points vs +14.7 points prior
- Wage and benefit cost index +35.2 points vs +32.8 points prior
This is a lower-tier indicator but it’s showing a nice pickup in December activity.
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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