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America’s Roundup: Dollar dips in quiet holiday trading, Wall Street ends mixed,Gold steadies,Oil prices edge higher as US oil inventories fall-December 30th,2021

Market Roundup

•US Wholesale Inventories (MoM) 1.2%, 1.8% forecast,2.3% previous

•US Nov Goods Trade Balance -97.78B, -89.00B forecast, -83.20B previous

 •US Nov Retail Inventories Ex Auto 1.3%,0.5% previous

•US Nov Pending Home Sales (MoM) -2.2%, 0.5%,7.5 previous

•US Gasoline Inventories-0.031M forecast, 5.533M previous

•US Crude Oil Inventories -3.576M,-3.233M forecast, -4.715M previous

Looking Ahead - Economic Data (GMT) 

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Looking Ahead - Economic events and other releases (GMT)

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Currency summaries

EUR/USD: The euro strengthen on Wednesday as investors focused on central banks tapering, while risk sentiment was back amid fading concerns about the economic impact of the Omicron variant. Trading was thin as most traders took time off for Christmas or the end of the year, while optimism that the Omicron coronavirus variant would not derail global economic momentum was the main driver of risk appetite. The euro was up 0.02 percent at $1.1344. Immediate resistance can be seen at 1.1365 (23.6%fib), an upside break can trigger rise towards 1.1379(Higher BB).On the downside, immediate support is seen at 1.1340(38.2%fib), a break below could take the pair towards 1.1318(50%ib).

GBP/USD: Sterling strengthened against dollar on Wednesday as investors looked beyond a surge in Omicron cases and favored riskier currencies. Britain reported a record 129,471 new cases of COVID-19 on Tuesday, a day after Prime Minister Boris Johnson said he would not bring in new restrictions this year to limit the spread of the Omicron coronavirus variant. Investor sentiment has been buoyed in recent days by signs the Omicron variant, while causing a jump in cases to record highs in many countries, is not leading to new, widespread lockdowns. Immediate resistance can be seen at 1.3505(23.6%fib), an upside break can trigger rise towards 1.3538(Higher BB).On the downside, immediate support is seen at 1.3457(5DMA), a break below could take the pair towards 1.3437(38.2%fib).

USD/CAD: The Canadian dollar strengthened against its U.S. counterpart on Wednesday higher oil prices and weaker dollar boosted Canadian dollar across the board. Oil prices rose on Wednesday, after government data showed U.S. crude and fuel inventories fell last week, offsetting concerns that rising coronavirus cases might reduce demand. The loonie was trading  higher 0.10 percent at 1.2774 to the greenback , having touched its strongest intraday low at 1.2836. Immediate resistance can be seen at 1.2798 (5DMA), an upside break can trigger rise towards 1.2820 (38.2%fib).On the downside, immediate support is seen at 1.2767 (50%fib), a break below could take the pair towards 1.2717 (61.8%fib).

USD/JPY: The dollar rose higher against the Japanese yen on Wednesday as safe-haven yen  fell   as investors favoured riskier currencies along with equities. The moves seemed to be linked to recent improved sentiment as many governments resist imposing new, widespread lockdowns, even as the Omicron variant of the coronavirus surges. The Japanese yen touched 115.04 to the dollar, its lowest since late November. While end-of-quarter investor flows were also impacting the currency. Strong resistance can be seen at 115.00 (23.6% fib), an upside break can trigger rise towards 115.35 (Higher BB).On the downside, immediate support is seen at 114.63 (5 DMA), a break below could take the pair towards 114.40 (38.2% fib).

Equities Recap

European shares rose for a third straight session in thin holiday trading on Wednesday, hovering near an all-time high hit last month, supported by gains in banks and retail stocks.

UK's benchmark FTSE 100 closed up  by  0.66 percent, Germany's Dax ended down by 0.70 percent, France’s CAC finished the day down by 0.27 percent.                 

The Dow and S&P 500 closed at all-time highs on Wednesday on a boost from retailers including Walgreens and Nike, as investors shrugged off concerns on the spreading Omicron variant.

Dow Jones closed up by 0.25%percent, S&P 500 closed up by 0.14% percent, Nasdaq settled down  by  0.10 % percent.

Commodities Recap

Gold prices steadied on Wednesday as a weaker dollar helped offset pressure from rising U.S. Treasury yields and growing appetite for riskier assets.

Spot gold was flat at $1,804.56 per ounce by 1427 EDT (1927 GMT). U.S. gold futures settled down 0.3% at $1,805.80.

Oil prices rose on Wednesday, after government data showed U.S. crude and fuel inventories fell last week, offsetting concerns that rising coronavirus cases might reduce demand.

Brent crude rose 29 cents to settle at $79.23 a barrel. U.S. West Texas Intermediate (WTI) crude rose 58 cents to settle at $76.56 a barrel.

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