HIGH IMPACT NEWS RELEASES:
Far East: JP- Trade
Europe: EZ- Industrial Production, ECB Minutes
North America: US- Weekly Jobless, Import Prices, Natural Gas
- U.S. stocks rebounded to close higher Wednesday following President-elect Donald Trump’s press conference, with the Nasdaq notching its fifth straight record close in a row.
- The S&P 500 index SPX, +0.28% closed up 6.42 points, or 0.3%, at 2,275.32, a few points short of a new record with the energy and utilities sectors the strongest performers.
- The U.S. dollar reversed gains and weakened against major rivals Wednesday as investors appeared disappointed after Donald Trump didn’t address fiscal and tax policies during his first formal news conference as U.S. president-elect.
- The dollar weakened against the euro, with the single currency EURUSD, -0.0378% changing hands at $1.0584 late Wednesday in New York, up from $1.0553 late Tuesday.
- European stocks rose for a second straight day on Wednesday, but with drugmakers capping gains after a late-session selloff following remarks by U.S. President-elect Donald Trump.
- The Stoxx Europe 600 SXXP, +0.23% ended 0.2% higher at 364.90, adding to a 0.1% advance from Tuesday.
- U.K. stocks recorded an all-time closing high for a 10 straight session on Wednesday as the pound moved deeper into negative territory and kept supporting shares of the country’s major exporters.
- The FTSE 100 UKX, +0.21% climbed 0.2% to finish at 7,290.49, extending gains to a 12th consecutive trading day, its longest winning streak ever.
- The pound GBPUSD, -0.2948% briefly hit a 10-week low at $1.2096, according to FactSet data, after U.K. data showed a widening of the country’s trade deficit to £4.2 billion ($5.096 billion) in November as imports outstripped exports. Separately, British industrial production rose strongly, by 2.1% in November compared with October.
- Asian stock markets broadly rose Wednesday on encouraging economic data and an impending press conference by U.S. President-elect Donald Trump, which traders hoped may contain details of his stimulus program.
- Japan’s Nikkei NIK, -1.10% closed up 0.3%.
- The dollar USDJPY, -0.24% weekend, changing hands at ¥115.32 late Wednesday in New York, down from ¥115.81 late Tuesday in New York.
- Gold prices ended the U.S. day session with good gains and hit a six-week high Wednesday. The precious metal became a bit volatile during President-Elect Donald Trump’s press conference, mainly because the U.S. stock and bond markets became very jittery. Trump said drug pricing in the U.S. is “a disaster” and also made disparaging remarks about China. The U.S. dollar index also backed way off its daily high to trade sharply lower in early afternoon trading, which also supported the precious metals market bulls. February Comex gold was last up $7.60 an ounce at $1,193.10. March Comex silver was last down $0.018 at $16.83 an ounce.
EURUSD: The most likely scenario for the pair is going up to the nearest target of 1.0652.
EURJPY: The most likely scenario for the pair is going down to the nearest target of 121.36.
GBPUSD : The most likely scenario for the pair is going down to the nearest target of 1.2074.
GBPJPY: The most likely scenario for the pair is going down to the nearest target of 140.07.
USDJPY: The most likely scenario for the pair is going down to the nearest target of 114.12.
XAUUSD: The most likely scenario for the pair is going up to the nearest target of 1,195.1.