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The last week before Christmas is upon us. The New Year is just around the corner. Time is running short but Santa may have a few surprises in his sack before much of the world slows down for the holiday period.
The Dollar took an unopposed step higher last week, traders seemingly unfazed by the Fed’s impending rate decision. Gold did not fare so well, opening the week strongly only to squander its momentum in the final stretch and end with a mere $15 weekly gain. As things stand there was very little enthusiasm this morning either. Bitcoin made a more decisive move on Sunday, reaching up to $104,000 and actually staying there for once. Judging by the movements earlier today, the move may still have some legs on it. Oil prices also saw some optimism, with Brent Crude aiming towards $74 and WTI climbing back above $70 a barrel.
Much like the last, central banks dominate the economic calendar this week. The Federal Reserve is the one markets have all been waiting for and arrives late on Wednesday. A 25-bps rate cut is thoroughly priced in at this point, so expect any deviation from that on either side to have a significant impact. Thursday offers rate decisions from both the Bank of Japan and Bank of England. Neither are expected to budge from current target rates, but currency traders would do well to keep an eye out just in case. The other major event this week is the PCE price index on Friday, although given its publication straight after the Fed’s decision, it is likely to have less of an impact than it otherwise would.
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