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Global markets remained in holiday mood following Christmas Day on Wednesday and most of the markets in Europe are closed today as well, for Boxing Day holiday.
EQUITIES
Asian stock markets are edging higher on Thursday with trading remaining subdued in the absence of fresh cues overnight from Wall Street and European markets, which were closed for the Christmas Day holiday.
OIL
Oil prices rose on Thursday, buoyed by a potential breakthrough in the Sino-U.S. trade war and OPEC-led efforts to constrain supply, although trading was quiet as many markets were in holiday mode.
CURRENCIES
The dollar edged up slightly against the yen while risk-sensitive currencies held firm on Thursday, buoyed by optimism of easing trade tensions between the United States and China and signs of recovering global growth.
GOLD
Gold prices rose above the key $1,500 per ounce level on Thursday to hit their highest in more than two months, as uncertainty around the signing of a trade deal between the United States and China boosted safe-haven flows into the metal.
Economic Outlook
Beijing said on Wednesday it is in close touch with Washington on a trade deal signing ceremony, a day after U.S. President Donald Trump said that he and Chinese President Xi Jinping will have a ceremony to sign the recently struck trade deal.
Today several markets in Europe, including Germany, France and Switzerland will remain closed for Boxing Day holiday.
On Thursday, GOLD prices opened higher to trade near $1,503, and it’s likely to continue trading higher if it breaks above $1,505/1507 resistance level. Gold prices rose to $1,500 level an ounce on Christmas Eve as the demand of investors was driven higher by the remaining fears of recession and equity markets’ highs. Gold rose above $1,500 to the highest level since 5th November.
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.
