Another day in an unusual week. During the Asian session, Japanese data is due, including Industrial Production and Retail Trade. The key report of the day will be the weekly US Jobless Claims.
Here is what you need to know on Thursday, December 28:
The US Dollar Index (DXY) extended its slide and dropped below 101.00, reaching its lowest level since July. The 10-year Treasury yield fell to 3.78%, a five-month low, while the 2-year settled at 4.24%, the lowest since May.
US stocks held near recent highs, with the Dow Jones on its way to another all-time high. The combination of risk appetite and lower Treasury yields continued to weigh on the US Dollar.
Data released on Wednesday showed the Richmond Fed Manufacturing Index dropping to -11 in December, worse than the market consensus of -7. Shipments fell from -8 to -17, new orders decreased from -5 to -14, and employment edged down from 0 to -1. On Thursday, the weekly Jobless Claims report is due, along with trade figures and the November Pending Home Sales report.
EUR/USD reached levels above 1.1100 for the first time in five months, boosted by broad-based Dollar weakness. EUR/GBP hit monthly highs slightly below 0.8700 but then pulled back.
GBP/USD peaked at 1.2802, the strongest level since August, and then retreated modestly. The trend is up, but the Pound needs to consolidate above 1.2800 to open the doors to more gains.
The Japanese Yen outperformed during the American session, boosted by the decline in Treasury yields. USD/JPY fell below 142.00, approaching December lows. Japanese data due on Thursday includes Industrial Production and Retail Sales figures for November.
AUD/USD remains in an upward channel, facing resistance around 0.6850. NZD/USD continued to rise and reached the 0.6350 area. Both currency pairs are supported by risk appetite and lower yields.
The loonie lagged on Wednesday. USD/CAD bottomed at 1.3175, the lowest since August, but then climbed back above 1.3200 to end the day with modest gains.
Gold was headed toward a record close above $2,070, rising for the fourth consecutive trading day. The bias remains to the upside. Silver failed to follow Gold and closed flat around $24.25.
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.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FXStreet – https://www.fxstreet.com/news/forex-today-no-support-for-the-dollar-202312272004
Why David Brooks Is (Mostly) Stepping Away from Politics