As we continue in Christmas week, it’s a similar story for markets as we struggle for any real direction, meaning markets are particularly volatile. The U.S. dollar is again suffering with both Cable and euro/U.S. dollar (EUR/USD) currency pair is trading higher, with the later really pushing towards some important upside levels. However, with very little on the calendar out of Europe it’s likely to be numbers from the United States that are the dominant force for any dollar moves throughout the European session.
With only two trading sessions remaining for 2017, liquidity dried up across the global markets. This has been obvious in U.S. and European equities, where volumes dropped significantly. However, some investors continued to tweak their portfolios slightly, leading to insignificant price action. I don’t expect equities to deviate much throughout Thursday and Friday.
Yesterday was all about commodities; and the S&P 500 posted its lowest volume since the day after Thanksgiving. The major catalyst was crude oil, achieving $60 per barrel and trading to the highest level since June 25, 2015.