Wrapping Up 2023: Key Market Movements on the Final Trading Day

By Tomasz Wisniewski|

Published: December 29 2023, 09:30 GMT+0

Wrapping Up 2023: Key Market Movements on the Final Trading Day

Hello traders, and welcome to the final full trading day of 2023. As we wrap up this eventful year, let’s dive into the current market dynamics.

Yesterday, the U.S. economic data painted a mixed picture, with unemployment claims surpassing expectations and pending home sales falling short. Today, we began with Spain’s flash inflation figures, which reported a lower-than-anticipated rate of 3.1%, hinting at a subdued inflationary pressure compared to the expected 3.2%. The day’s focus will shift later to the U.S. for the Chicago PMI, anticipated to hover around 50.1%.

Indices remain resiliently buoyant, hovering near or at their long-term highs. This enduring bullish sentiment underscores a robust market confidence as we transition into the new year.

The currency landscape witnessed a notable shift yesterday, with the Japanese yen and the U.S. dollar emerging as the frontrunners. Conversely, the British pound trailed behind as the weakest performer. Today, the trend continues with the U.S. dollar maintaining its strength, albeit slightly overshadowed by the Swiss franc. This shift has led to a discernible reversal in pairs like EUR/USD and USD/JPY, demonstrating the dynamic interplay of global currencies.

The commodities market, particularly oil, is showing intriguing movements. Earlier this week, oil demonstrated a false breakout from its channel down pattern but has since reverted back within this bearish trajectory. Both WTI and Brent oil exhibited wedge patterns that concluded with downward breakouts, further signaling a potential continuation of the downward trend.

Source: https://www.axiory.com/analytics/market-news/wrapping-up-2023-key-market-movements-on-the-final