Yesterday the Dollar had a bad day and weakened against most major currencies, after the release of weak Employment data and after the minutes from the FED’s meeting failed to send a clear message as to the future path or rate hikes.
Today is another quiet day in terms of major economic data releases in the US, Consumer Confidence will be released. Other than that, not much will be on center stage for today in terms of news releases.
EURUSD is trading at weekly highs of 1.0595 from 1.05 on Wednesday, as is the British Pound. GBPUSD is trading at 1.2545 where significant resistance lies. The pair rose over 120 pips yesterday on Dollar weakness. Following the same theme, USD weakened versus the JPY also trading at 1 week lows of 112.67 from 113.75 earlier this week.
The biggest gainer was gold which is trading at the highest level since 11th of November. Interestingly Gold broke a really important resistance at $1250 and trades now at $1254. Next resistance is $1278. A weaker U.S. dollar usually supports gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
Oil, although bullish overall, still remains in a tight range, with no clear direction. It is trading at $ 54.19
On Wall Street, the Dow managed to notch a record high for a tenth straight session, the longest sequence of record setting since 1987. It was also the longest streak of gains for the index since March 2013.