The main market’s drivers: European markets remain closed

Trading on the European trading platforms is closed on Boxing Day. Low liquidity and thin market remain. It is worth noting that with the closure of the Asia-Pacific trading session and a complete reduction in liquidity, oil quotations began to strengthen. Thus, the growth of major oil brands indicates a partial return of optimism to the market, which indicates the possibility of a positive opening of trading in the United States.

Until the US exchanges will open the market will be low-active. Growth of optimism in the oil market is limited by technical correction, which may be associated with attempts to increase optimism, as well as with the correction of short positions at low activity. If optimism continues, we can expect a moderate strengthening of commodity currencies. At the same time, the dollar will likely keep the overall downward trend on political risks in the United States.

The US dollar index chart. The current price is 96.70 (10-year government bonds yield is the blue line)

Read also: “Price Levels – A Technical Analysis Tool”

Hanzenko Anton

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