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FX Today: The Dollar Stabilizes Following A Two-Day Fall, With Investors Focusing On High-Quality US Data

All you need to know about Wednesday, December 22nd, is as follows: 

The Dollar failed to find buyers on Tuesday despite a positive shift in volatility. As a result, the Dollar’s losses were limited by increasing US Treasury bond yields. 

And the US Dollar Index appeared to have entered a pullback around the level of 96.50 in early European trading sessions. Later in the day, the Bureau of Economic.

Equity Markets And Market Movers

Analysis in the United States will release its evaluation results of third-quarter yearly gross domestic product growth. The Conference Board’s Consumer Confidence Index for December and its Existing Home Sales Index for November will also be featured in the United States’ economic schedule for the month.

Despite a shortage of optimistic headlines of the Omicron strain, Wall Street’s main indexes saw significant returns on Tuesday, as traders regarded the recent downturn as an opportunity to take advantage of the current low-interest rates.

Bloomberg reports that the benchmark 10-year US Treasury yield approached 1.50% on Tuesday but rebounded significantly before settling around 1.46% on Wednesday morning. Stock futures in the United States are trading flat, indicating that the risk rally has halted.

Analysis in the United States will release its evaluation results of third-quarter yearly gross domestic product growth. The Conference Board’s Consumer Confidence Index for December and its Existing Home Sales Index for November will also be featured in the United States’ economic schedule for the month.

Major Exchanges

On Tuesday, the Euro-Dollar exchange rate rose above 1.1300 for the second day in a row but ended the day relatively steady at 1.1280.

Per the monthly figures released by the European Commission, consumer morale in the Eurozone worsened in December, with the Consumer Confidence Index plummeting to -8.3 (preliminary) from -6.8 in November. At the time of writing, the duo moves in the negative territory at 1.1270.

On Wednesday morning, the Pound-to-Dollar exchange rate was trading in a tight range around 1.3250 as investors remained mostly unmoved by the recent UK data releases.

According to the Office for National Statistics, annualized GDP increased by 6.8% in the third quarter, exceeding market expectations of 6.6%. Furthermore, quarterly, overall company investment in the United Kingdom fell by 2.5% in the third quarter.

The US Dollar gained ground against the Japanese Yen as interest rates on US Treasury bonds rose, pushing the pair above 114.00 for the first time in a week. The pair is trading around 114.20, holding onto its gains from Tuesday.

Following Tuesday’s attempt to break above the $1,800 barrier, gold lost impetus and returned to the $1,790 level, pulled down by increasing US Treasury bond rates. As things stand, XAU/USD is likely to struggle to find buyers unless it can convert $1,800 into support.

On Tuesday, the Dollar index fell slightly against the Canadian Dollar, as encouraging Canadian statistics indicated that retail sales climbed by 1.6% in Oct, allowing the Loonie to continue its strength against the Greenback. The pair have stayed pretty stable at 1.2900 throughout the early European session.

Bitcoin increased in value by a large amount on Tuesday and is starting to edge closer to the critical $50,000 mark. Ethereum closed the day in the positive for the second day in a row on Tuesday, and it is predicted to reach a price of more than $4,000 in the near term.

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Name Price24H (%)
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