Traders work on the floor at the opening of the day's trading at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., December 22, 2016. REUTERS/Andrew Kelly

Market Review, December 23, 2016

The USD showed strength for the first part of yesterday trading day as the first batch of US data showed good numbers with the QoQ GDP data came out higher than expected. Later in the trading day the dollar turned back lower against the other major currencies after the disappointing US spending data overshadowed the strong US economic growth report.

Trading volumes were expected to be thin this week as traders were beginning to unwind positions ahead of the Christmas holiday.

Crude oil prices dropped due to profit taking and a stronger USD weighing on the commodity.

Gold prices are testing the $1,120 support level, as the precious metal is still suffering from the strong sell-off since the “risk-on” sentiment is back in the financial markets.

U.S. stocks fell on Thursday, weighed down by a dip in retailers, as investors stepped back froma recent rally fueled by optimism that President-elect Donald Trump will invigorate economic growth.

 

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