Forex Today - 30/12: Santa Rally Falters

2024-12-30 02:38:37

(MENAFN- Daily Forex) Risk appetite continues to be hit as stocks and risky assets continue to be sold as the year-end rally seems to evaporate.

The end of year risk rally has evaporated, with stock markets falling since Friday and Bitcoin trading near the December low. Traders had hoped for a“Santa Claus rally” which would extend the strong gains made in stock markets over 2024. The Chinese HSI and the Japanese Nikkei 225 are both down on the day, while futures in the NASDAQ 100 and the S&P 500 are also trading lower.

Bitcoin is looking weak and heavy and is not far from the low of December. If the price breaks down below $90,000 we could see a sharp fall to the $75,000 area as the gain from there after the election of President Trump was very rapid.

In the Forex market, since today's Tokyo open, the strongest currency has been the New Zealand Dollar while the weakest currency has been the Swiss Franc. The EUR/USD currency pair remains in a valid long-term bearish trend and the USD/JPY currency pair is in a valid long-term bullish trend, trading very close to its 5-month high price.

It is a Monday during the holiday season with no scheduled high-impact data releases, so it will probably be a very quiet day in most markets..

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