DAILY MARKET REPORT
December 20, 2019
Today we have the high impact economic events like Final GDP figures from the UK and US which will exhibit sharp movements in the global markets. EQUITIES Asian shares snoozed near 18-month highs on Friday as trade thinned in the run-up to Christmas and investors seemed content to digest the chunky gains already made so...
Today we have the high impact economic events like Final GDP figures from the UK and US which will exhibit sharp movements in the global markets.
EQUITIES
Asian shares snoozed near 18-month highs on Friday as trade thinned in the run-up to Christmas and investors seemed content to digest the chunky gains already made so far this month. The S&P 500 hit a sixth straight record high, its longest streak since January 2018, and the NASDAQ rose for the seventh session in a row. All three major U.S. indexes - S&P 500, NASDAQ and Dow - notched record closing highs.
OIL
Oil prices held steady near three-month highs on Friday on the back of easing Sino-U.S. trade tensions that have weighed on demand as well as the global economic growth outlook.
CURRENCIES
It was mostly quiet in currencies, though sterling was nursing a grudge after suffering a vicious reversal that left it facing its worst weekly fall since late 2017 at 2.4%. Cable has given up all the gains won after Prime Minister Boris Johnson was re-elected last week and has slumped 2.3% against the dollar since Monday. It has fared even worse against the euro, headed for its largest weekly loss since July 2017.
GOLD
Gold is trading bearish early on Friday ahead of the release of US GDP data, amid fading safe-haven appeal on the back of optimism for the phase one trade deal getting signed between the US and China soon.
Economic Outlook
Happy Friday, everyone! The markets are already settling into the holiday mood so before we have very important events today, growth report from the US and UK. While major focus will also remain on the Parliamentary vote on the Withdrawal Agreement Bill, which would require the UK to leave the European Union on January 31.
Technical Outlook
NZD/USD: Kiwi trading steady on Thursday after strong growth report but the pair still not breaking the previous high and trading below the weekly trend line. The traders and investors waiting for the US growth reports if the data comes positive then we expect the pair will print new session low today.
GOLD: Gold trading very near to short term resistance $1482, Today we have high impact economic events so we suggest to our clients trade safely.