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Should we keep an eye on price movements during U.S. trading hours on the middle day of the last week of December?

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Should we keep an eye on price movements during U.S. trading hours on the middle day of the last week of December?

29.12.2021

Today's Highlights
  1. U.S. Existing-Home Sales Pending
  2. U.S. Wholesale Inventories (Preliminary Figures)

Yesterday, the three major U.S. stock indices posted mixed results, with the Nasdaq falling for the first time in five trading days. It closed at 15,781 points, down 0.56% from the previous day.Following the previous day’s decline in U.S. stocks, the Nikkei 225 also fell by about 0.89% to the 28,800-yen level. The fear index (VIX) rose slightly to 17.5.

In the foreign exchange market, the Dollar Index is trading sideways around 96.1, and the U.S. dollar has not shown significant movement against the pound; the GBP/USD pair is trading within a range of 1.341 to 1.346.Looking at the 4-hour chart, GBP/USD is trending higher, supported by the 20-period moving average (MA) on the downside; however, since the RSI is hovering near 70—in overbought territory—we should be wary of a pullback following a correction.

No economic indicators or remarks by key officials are scheduled for today during European trading hours. Once U.S. trading begins, the U.S. wholesale inventories (flash estimate) are scheduled for 22:30,pending sales of existing homes at 24:00, weekly crude oil inventories at 24:30, and a 7-year Treasury auction at 27:00. As liquidity tends to decline toward the end of the year, we will carefully monitor the situation to determine whether any sudden price movements might occur in the foreign exchange market before the new year.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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