The forex market news today focuses on the USD which remains soft in early US trading. This is clearly leading to more strength in gold in addition to crude oil rallying with the broader equity markets. Technicals show that the current rally in crude oil might extend beyond $82 over the next week or two.
In general, most traders out there today are a bit more optimistic for the short/near term. Retail sales recovered by rising 0.2% mom in November, after a -0.9% drop in October. Consumer spending is still fragile and the sustainability of the US economy is still heavily dependent on solid GDP growth next quarter. Though it wouldn’t be bad to get in and out of some long USD trades soon.
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