Market News

There are no practically no major news events scheduled for this week at all, with only three on the calendar: two concerning the USD and one concerning China. Get the economic and political calendar for the popular currencies for the week of December 28, 2015 here.

The number of Americans filing for unemployment benefits dropped more than expected last week, nearing a 42-year low as labor market conditions continued to tighten in a boost to the economy.

European stocks closed flat in shortened trading on Thursday. Oil prices remained choppy while other European energy stocks stayed up. Statoil shares closed around 5.2 percent higher after a judge ruled that the Norwegian company did not breach a contract it had with New York-listed Diamond Offshore Drilling.

As the Christmas holidays approach, financial and FX markets are slowing to a crawl. Most of the major currencies, including the US Dollar, the Japanese Yen and the Euro are seeing relatively light trading.

Asian shares climbed to 2-1/2-week highs in thin trading on Thursday ahead of the Christmas holiday in the wake of gains on Wall Street and a recovery in crude oil prices but turned mixed overnight dragged by a sell-off on the mainland.

The US Dollar edged higher despite the latest economic data which surprised with some disappointments.

Asia shares edged higher on Wednesday in quiet trade following a slight uptick on Wall Street, while the dollar slipped lower and oil prices rose after recent selling.

As investors pin their hopes on more movement from the People’s Bank of China to intervene in the Yuan’s strength, antipodean currencies were able to find some support.

Asian shares rose slightly on Tuesday, following Wall Street gains and seeing a certain amount of stability in crude oil prices before the Christmas holiday sets in.

Despite the outcome of Spain’s election which sent Mariano Rajoy, the Prime Minister, back into the seat of power, the Euro was able to hold its own.

Chinese shares led Asian markets higher on Monday while the price of Brent crude plummeted to 11-year lows on renewed worries over a global oil glut.

The Canadian Dollar hit an 11-yr low against the U.S. Dollar joining the other G10 nations that are being pushed down by a strong USD. ‘Monetary policy divergence’ is being felt across the board but the CAD seems to be the weakest currency within the group.

Brazil's finance minister Joaquim Levy has had enough. The leading financial figure in Latin America’s largest economy handed in his resignation late Friday and has already been replaced by Nelson Barbosa, the current planning minister, who was handpicked by left-leaning President Dilma Rousseff.

Asian shares slipped on Friday but were still on track for gains in a week which saw the depreciation of the yuan in China and the introduction of the first U.S. interest rate hike in nearly a decade.

The US Dollar Index struck a 2-week peak following the Federal Reserve’s highly anticipated move of an increase in its benchmark lending rate.