image

business forward

Forex Today: Markets turn quiet as investors enjoy Christmas break - FXStreet

Here is what you need to know on Friday, December 24:

After closing the first three days of the week in the negative territory, the US Dollar Index steadied above 96.00 after the data from the US showed that the Core PCE inflation rose at a stronger pace than expected in November. Major financial markets will be closed on Christmas Eve on Friday and no action is expected.

The US Bureau of Economic Analysis reported on Thursday that the Core Personal Consumption Expenditures (PCE), the Fed's preferred gauge of inflation, jumped to 4.7% on a yearly basis in November from 4.2%. This reading surpassed the market expectation of 4.5%. Other data from the US revealed that the weekly Initial Jobless Claims remained unchanged at 205K, New Home Sales increased by 12.4% in November and Durable Goods Orders rose by 2.5% in the same period.

EUR/USD fell below 1.1300 in the American session on Thursday but ended up closing the day virtually unchanged at 1.1330. The pair remains on track to register weekly gains.

GBP/USD gathered bullish momentum this week on some positive Brexit headlines and easing worries over additional coronavirus-related restrictions in the UK. The pair is up more than 100 pips since the beginning of the week and seems to have settled above 1.3400.

Gold tested $1,800 with the initial reaction to US inflation data on Thursday but didn't have a difficult time holding above that level. The 10-year US Treasury bond yield came within a touching distance of 1.5% on Thursday. The bond market will also be shut on Christmas Eve.

USD/JPY continues to trade sideways near the monthly high it set at 114.50.

Bitcoin gained nearly 5% and stays afloat above $50,000. Ethereum continues to trade near the upper limit of its 10-day-old range around $4,000.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.