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20 Dec 2013
Session recap: WS optimistic; weaker USD overall; surprising GDP facts
FXstreet.com (Chicago) – The last journey of this week made up for yesterday’s performance for equity markets in the US as Wall Street closed with gains. Confirming the Fed’s results to start reducing the bond-buying program, the US GDP was better than expected, revealing slight improvements.
Wall Street was green with the Dow 0.26% stronger, the Nasdaq 1.15% stronger and the S&P100 0.49% up. Besides the Chinese and Indonesian markets, most stock market indexes were soaked with green closing the week ahead of Christmas. In the US, the GDP, annualized data, was 4.1% vs. expected 3.6% and past 2.5%. The UK had a similar positive surprise with the GDP at 1.9% vs. expected 1.5%. Earlier this week, NZ had a 3.5% GDP vs. estimates at 3.2%. On Wednesday, the Fed decided to start tapering reducing bond-buying by $10B.
The FX markets were rather quiet yet it’s worth recalling the EUR/USD drop to almost 3-week lows and the formidable performance of the USD/JPY major around 5-year highs. Most futures contracts advanced and gold managed to bounce off lows and retake the $1200 front. Silver and platinum gained the most reaching almost 1% in gains while oil remained stalled around the $99 front.
Wall Street was green with the Dow 0.26% stronger, the Nasdaq 1.15% stronger and the S&P100 0.49% up. Besides the Chinese and Indonesian markets, most stock market indexes were soaked with green closing the week ahead of Christmas. In the US, the GDP, annualized data, was 4.1% vs. expected 3.6% and past 2.5%. The UK had a similar positive surprise with the GDP at 1.9% vs. expected 1.5%. Earlier this week, NZ had a 3.5% GDP vs. estimates at 3.2%. On Wednesday, the Fed decided to start tapering reducing bond-buying by $10B.
The FX markets were rather quiet yet it’s worth recalling the EUR/USD drop to almost 3-week lows and the formidable performance of the USD/JPY major around 5-year highs. Most futures contracts advanced and gold managed to bounce off lows and retake the $1200 front. Silver and platinum gained the most reaching almost 1% in gains while oil remained stalled around the $99 front.