Forex Today: Little action across the FX board
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What you need to take care of on Thursday, December 22:
The FX board entered a low volatility consolidative phase, typical of the last two weeks of December. The US Dollar seesawed between gains and losses, ending the day mixed against its major rivals. The Greenback got a temporal boost from CB Consumer Confidence, as the index improved more than anticipated in December. However, the news underpinned US indexes, with Wall Street up for a second straight day.
On a down note that did not reach trading boards, Russian President Vladimir Putin announced he would increase the country’s military potential. The news anticipate a long-lasting conflict in Ukraine and long-term implications for Moscow’s relationship with the Western world.
The EUR/USD pair continued to hover around the 1.0600 mark, ending a third consecutive day little changed just above the level.
GBP/USD fell sub-1.2100 after trading as high as 1.2240, with the pound undermined by poor UK data as government borrowing hit a record high in November.
AUD/USD found support in stocks’ momentum but struggled to extend gains beyond the 0.6700 threshold. USD/CAD trades pretty much flat at around 1.3610. Inflation in Canada rose by 6.8% YoY in November, down from 6.9% in October, slightly higher than the market expectation of 6.7%. On a monthly basis, the CPI rose by 0.1%.
Finally, USD/JPY stabilized just above the 132.00 level.
Gold flirted with December high but ended the day at around $1,813 a troy ounce. Crude oil prices, on the other hand, rallied, with WTI settling at $78.45 a barrel.
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