Daily Outlook

December 22, 2016

Dow watchers were disappointed against as the market stalled at 19990 in quiet pre Christmas trade.

 

The USD was mixed with some weakness against the major with USD/JPY pulling back and EUR/USD making small gains.

 

The dollar was stronger however against GBP AUD and NZD with all 3 making fresh lows.

 

Data is light in the final trading days of the year and many traders are away from the market.

 

OIL/USD was the exception falling sharply overnight as US Oil inventories showed a large build of 2.3m vs. -2.4m.

 

Oil Fell from $53.85 to $52.40 but we are still holding the general uptrend post OPEC.

 

AUD/USD has found support at 0.7220 but the downtrend is quite strong and over time lower prices are very likely as the divergence between US and Australian central bank policy continues to widen.

 

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