U.S. President-elect Donald Trump is broadcast on a screen on the floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 27, 2016. REUTERS/Andrew Kelly

Market Review, December 28, 2016

U.S. Consumer Confidence Index rose to 113.7, the highest since August 2001, as expectations for strength in job growth, business conditions and the stock market continued to build following Donald Trump’s election to president.

Today we have the pending home sales data at 15:00 GMT – every data that will be upbeat will help underscore expectations that the US central bank will raise  interest rates more frequently next year.

Brent crude oil settles at $56.06 yesterday, up 1.63%. Pending OPEC production cuts are increasing optimism for oil traders.

Production cuts are expected to take effect on January 1. Some cuts may take place later next year, meaning that average levels may hit the targeted range by June. While the oil markets are enthusiastic that OPEC and non-OPEC countries are even now moving forward behind the scenes.

Gold prices settled higher yesterday, at $1,140.30, up 0.59%, as trading volumes were still moderate with investors in the US returning to work after the lengthy Christmass weekend and with London markets still closed.

U.S. stocks rose slightly on Tuesday, supported by upbeat consumer and housing data, with gains in technology shares lifting the Nasdaq Composite to a record close.

 

To start trading on current events, open an account with VXMarkets today.

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