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Stock markets in China and Hong Kong were trading higher Monday morning following news that China will reduce tariffs on tech and some agricultural products on Jan. 1 and that the state-backed semiconductor fund will sell some of its holdings in some key tech companies.
EQUITIES
European shares dipped slightly on Monday after nearing a record high in the previous session, as trading thinned ahead of the Christmas and Boxing Day holidays later in the week. On Friday, the U.S. benchmark S&P 500.SPX extended its record highs to seven straight sessions, its longest streak in more than two years.
OIL
Oil prices fell on Monday after an increase in U.S. drilling activity but held near recent three-month highs on hopes for a trade deal between the United States and China.
CURRENCIES
The dollar stood near two-week highs on Monday after decent U.S. economic data was released on Friday, while sterling recovered following last week’s big drop. The Australian dollar, which is closely linked to sentiment towards China, rose 0.1% and the New Zealand dollar gained 0.2%.
GOLD
Gold prices rose on Monday morning in Asia as investors opted for the safe-haven asset ahead of Christmas and New Year holidays.
Economic Outlook
Today the economic calendar light before the holidays, analysts doubt this week will see significant moves for major currencies. Data on Friday showed U.S. growth rose in the third quarter and the economy was probably maintained its expansion as the year ended. Consumer spending was stronger than previously reported, and there were upgrades to business spending.
On Saturday President Donald Trump said that the United States and China would sign their phase-one deal very shortly. He said that they have achieved a breakthrough in the trade deal and will be signing it soon.
Technical Outlook
NZD/USD: Kiwi trading strong today after positive comments from US President Donald Trump about US-China deal. But the pair trading overbought level any drop below 0.6590 will open new lows 0.6550 and 0.6520.
GOLD: Finally the yellow metal broke the resistance $1482 currently trading at $1485. The next resistance will be $1487 and $1494. On the lower side, gold’s support continues to stay around 1,480 levels.
Quote of the day: never depend on a single income, make the investment to create a second income- Warren Buffet.
DAILY MARKET REPORT
Federal Open Market Committee, a committee within the Federal Reserve System (the Fed), will release June’s FOMC meeting minutes later today. In the June meeting, FOMC raised interest rates by 75 bps, the biggest increase in three decades.
