State of The Markets

Thin Markets Amid X’Mas Holiday

MFMTeam
Publish date: Tue, 27 Dec 2022, 08:24 AM

STATE OF THE MARKETS

Thin markets amid X’Mas Holiday. With major markets closed on Monday for Christmas Day, markets were left thin with only forex trading. Equities markets earlier on Friday rebound as investors cheered on the PCE data that showed signs of peak inflation and improved consumer sentiments. Dollar remained well bid ahead of the 104 handle as the 2Y yields continued to climb past 4.35% while the 10Y benchmark regained 3.78% in early European trading on Tuesday.

Commodities markets were closed on Monday but in the FX markets, Yen continue to reign in demand in the long and medium term accounts alongside Euro, Loonie, Kiwi and Aussie as Sterling, Dollar and Swiss continue to be offered. Short term traders continue to sell the overbought Yen, Sterling and Kiwi while demanding Aussie, Swiss and Loonie.

On Tuesday, investors may look to scoop some bargains in equities given bullish sentiments in the Fed’s preferred inflation gauge, the PCE. However, expect thin volume as most major players are gearing to close the year and ready for the new year holiday. No earnings are scheduled for Tuesday other than the Case-Schiller home price index and retail inventories.

OUR PICK – No New Picks

No new picks amid thin markets. Markets are gearing for the year end book closing and new year holiday. We stay on the sideline for now.

Disclaimer:

This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities. Opinions expressed are of the authors and not necessarily of MFM Securities Limited or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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