It's been a pretty dull session in terms of market moves as we haven't got any strong catalyst. The main highlights were the Swiss and Eurozone inflation reports which came in line with forecasts.
Overall, the markets are waiting for the US Employment and Inflation reports as those will influence interest rates expectations. In the markets, the US Dollar erased the low volume Christmas holidays gains as it's now above the post-FOMC levels.
Equity markets are slightly positive with the UK as the only outlier. Long term Treasury yields continue to rise faster than short term yields as the bear steepening remains the playbook which is generally seen during economic strength.
In the commodities markets, gold is a bit positive on the day but the news of China increasing gold reserves for the second consecutive month didn't spark any notable reaction. Crude oil is up 0.80% with the news of Russia cutting its December oil output below the OPEC+ target.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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