With the holidays in full swing, will Japan Housing data be in focus?

However, currency movements were muted on the day after Christmas, as the markets of the United Kingdom, Australia, New Zealand and Hong Kong, among others, had a day off. Many American businessmen are also on vacation until the New Year

Trading was light on the day after Christmas, with several markets closed for public holidays and trading expected to remain quiet during the shortened week. 

Crude oil jumped more than 2% to its highest level in nearly a month, fueled by a Middle East dispute and investor optimism that the US Federal Reserve will soon cut interest rates, boosting global growth and boosting fuel demand. 

The rally, which saw light trading and some markets closed for holidays, extended last week’s gains and about 3% after Houthi attacks on shipping disrupted global shipping and trade while the conflict between Israel and Hamas showed no signs of abating.

Gold remained somewhat positive as the spread between the dollar and government bonds weakened. In the last week of the year, trading took place in connection with the holidays, and traders anticipated the US interest rate level from early 2024.

 As the price of copper rose, it added optimism to the outlook for the red metal in 2024. While the recent depreciation of the dollar was the main support for the red metal, copper was also helped by expectations of improved demand in 2024, especially due to demand increased for electric vehicles. across the globe.

 The red metal is a key component of batteries and electronics.  Chinese aluminum futures rose to a record high on Friday after an explosion at an oil terminal in Guinea, a major supplier of bauxite, sparked fears of a shortage of  alumina, an intermediate product of aluminum.

 MCX gold futures up 0.04% to 63333. Silver down 0.43% ​​to 76130. Copper was up by 0.01% at 732.65. Crude oil up to 6315, 2.47%. Natural gas down 0.1.62% at 212.10.

Economic data and events scheduled today.

Japan

At 5.20am – BOJ Summary of Opinions.

At 10.30am- Housing Starts y/y. Data is foreseen at -4.2% from previous -6.3%.

Above data could have a neutral impact on the Yen.

Eurozone

German Bank Holiday

Italian Bank Holiday

UK

Bank Holiday

U.S.–

At 8.30pm-

Richmond Manufacturing Index. Data is foreseen at -7 from previous -5.

Above data could have a neutral impact on the dollar.

Commodity Samachar
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Also Read: Crude Oil Gained Over 2.50%, will it gain further or not? , Europe’s Holidays and Economic Data: What Do The Analysts Say?

Recommended Read: Forex News Letter: What Lies Ahead in the Post-Christmas Forex Market?

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