Market Review, December 27, 2016

Market activity was subdued on Monday, with many major global markets closed after Christmas. The dollar edged slightly lower against the other major currencies as investors took profits ahead of the end of the year

The virtual currency Bitcoin hit its highest level since January 2014, extending its recent rally as high as $914.72, before falling back to $906.72, up approximately 1% on Monday. The digital currency is up almost 23% so far this month amid heavy buying from China and India, as investors look to shield themselves from currency devaluations and cash shortages. Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it, which makes it more attractive.

Brent crude oil is currently trading at $55.84, a dollar higher than Fiday’s closing rate.

Gold, our favorite precious metal, has found the chance to recover slightly, thanks to a thin holiday-trade and a weaker USD. The commodity is currently at $1,139, up from last Friday’s intraday low of $1,125.

Trading volumes are still expected to be low for today, as the UK, Canada, Australia, New Zealand and Hong Kong are still celebrating the holidays.


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