The financial markets experienced a mixed day with significant moves across commodities, currencies, and equities. Here's an overview:
WTI Crude Oil rose $0.81 (+1.09%) to settle at $74.18, supported by steady demand signals.Gold gained $13.76 (+0.52%) to close at $2,649.69, reflecting safe-haven buying amid market volatility.Silver edged up $0.08 (+0.29%) to $30.21.Bitcoin experienced a sharp decline, tumbling over $5,400 to $96,841 after hitting a high of $102,760, as investors took profits following recent rallies.
Currencies:The U.S. Dollar strengthened broadly against major counterparts, buoyed by robust economic data. Gains were most notable against:
Swiss Franc (CHF): +0.52%Euro (EUR): +0.47%More modest gains were recorded versus the Australian Dollar (AUD): +0.19% and New Zealand Dollar (NZD): +0.18%.Federal Reserve Commentary:Fed official Thomas Barkin highlighted the need for businesses to adapt to changing tariffs and reaffirmed the central bank's commitment to the 2% inflation target. Barkin also indicated that price pressures remain elevated, suggesting that policy tightening may need to persist.
Equities:U.S. stock indices tumbled after two consecutive days of gains, led by a sharp pullback in tech stocks:
Dow Jones: -0.42%S&P 500: -1.11%NASDAQ Composite: -1.89%Russell 2000: -0.74%Pres. elect Trump held a press conference at Mar a Lago.In addition to announcing a $20B investment to build new data centers by Billionaire Hussain Sajwani the Chairman of Damac Properties, the Pres. elect commented on a number of different topics
Interest rates are too highThe Biden ban on offshore oil and gas drilling will be reversedSomething will have to be done with Canada and Mexico trade. Says we don;t need cars or milk and oilWhen asked for assurance that he will not us military or economic coercion as he tries to gain control over Greenland, said he cannot assure of either of those two. Calls Greenland essential for national securityCould consider tariffs on Denmark over Greenland if they don't give up Greenland. Thinks Meta has come a long waySays he is ok with spending cuts. Wants to see an extension of the debt ceiling.Tomorrow the lead-up to the US non-farm jobs report on Friday will continue with the ADP Non-Farm employment report due at 8:15 AM ET. The expectation is for 139K vs 146K last month. The weekly unemployment claims will be released a day early as a result of the day of mourning for Pres. Carter. The expectation is for 214K vs 211K last week. The US stock market will be closed on Thursday as well.
Fed's Waller will speak at 8:30 AM ET, and the minutes of the Fed December meeting (bearish cut of 25 basis points) will be released at 2 PM ET.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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