Forex Today - 02/01: Begins In Nervous Mood

2025-01-02 02:31:09

(MENAFN- Daily Forex) 2024 saw big gains in risk-on assets like stocks, but strong selloffs at the end of the year leave markets uncertain as the new year begins.

The end of year risk-on rally turned into a selloff, with stock markets falling again yesterday. Traders had hoped for a“Santa Claus rally” which would extend the strong gains made in stock markets over 2024. Today is the first trading day of 2025 and it has begun quietly, but with falls in most Asian stock markets,

In the Forex market, since today's Tokyo open, the strongest currency has been the Australian Dollar while the weakest currency has been the US Dollar. However, the US Dollar is in a strong bullish trend, and it traded at a fresh 2-year high price on Tuesday. The EUR/USD currency pair and the USD/JPY currency pair remain within valid long-term bullish trends, with the EUR/USD reaching $1.0350 on Tuesday, a new 2-year low price. Trend traders will be interested to be short and long of these currency pairs, respectively.

The US 10-Year Treasury Yield is near a multi-month high and will attract interest from trend traders on the long side. Some CFD brokers offer this to traders, and micro futures are available on the CME.

There will be a release of US Unemployment Claims data today.

It is a public holiday today in Japan and Switzerland.

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