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Market Review, January 2, 2017

Friday was the last trading day of 2016. The USD fell on Friday, as did the ruble, as White House sanctions against Russia over alleged hacking during the presidential election hammered forex markets.

There wasn’t much action in the markets beside that, as the holiday season and thin trade still lingered.

Analysts told Reuters they expect the dollar’s strength to continue in 2017 with the greenback set to end this year up more than 3.5 percent against a basket of major currencies. “Much depends on how the Trump presidency and the Chinese economy work out,” said Marshall Gittler, chief market analyst for retail broker FX Primus. “In general, I expect the dollar to continue to gain.”

The price of gold declined on intraday trading on Friday, but still finished the year with a 6% increase.

Oil prices settles slightly lower, but attaoned their biggest annual gain since 2009, after OPEC and partners agreed to cut output to reduce a supply overhang that has depressed prices for two years.

U.S. stocks were lower after the close on Friday, s losses in the Technology, Consumer Services and Basic Materials sectors led shares lower.

 

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

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