View our guide on how to interpret the FX Dashboard.
- As we go to press, the House of Representatives is still debating over impeaching President Trump, with a vote expected later this evening. The vote is anticipated to fall along party lines in favor of impeachment, though the likelihood that the Senate removes the President from office remains remote, limiting the impact on markets.
- Fed members Williams and Evans both spoke out in favor of leaving interest rates unchanged in the near-term, cementing the impression that the Fed will be on hold heading into the new year.
- FX: The Canadian dollar was the strongest major currency on the day on the back of solid inflation (CPI) and housing (Teranet price index) data. The euro and British pound were the day’s weakest major currencies. Tomorrow’s Bank of England meeting will be among the last major trading events of the week, year, and decade.
- Commodities: Oil closed essentially flat on the day, despite data showing a smaller-than-expected drawdown in inventories. Gold was also flat while Bitcoin rallied back above $7k to erase the last two days’ worth of losses.
- US indices closed mixed in quiet pre-holiday week trade. European indices closed mixed, with German stocks sliding, while UK stocks ticked higher in quiet trade.
- REITs (XLRE) went from worst to first to be the strongest major sector today; Industrials (XLI) were the weakest.
- Stocks on the move:
- FedEx (FDX) shares dumped -10% after a big miss in the shipping company’s earnings and outlook for next year.
- Automaker Tesla (TSLA) is reportedly considering cutting the price of its Model 3 sedan. The stock closed the day 4% higher.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.