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USD Down Slightly on Equities

Published December 29, 2016
  • USD fell 0.6 percent against a basket of major currencies to a one-week low on the DXY, extending falls late on Wednesday as markets reacted to equity re-balancing and mixed housing data
  • The greenback is mostly down due to an expected (and compounded) month/quarter/year-end USD selling that will occur over the next two days due to portfolio re-balancing and sales of USD denominated equities
  • Contracts to buy previously owned US homes fell in November to their lowest level in nearly a year, a sign rising interest rates could be weighing on the housing market
  • US stocks are set to open slightly lower on Thursday morning as trading remains thin and investors begin to lose hope that the Dow will reach 20,000 before the New Year
  • US unemployment numbers improved as unemployment claims fell to 265,000 last month. Jobless claims below the 300,000 level are usually associated with a firming labour market
  • Oil is down slightly as market participants eagerly await new weekly information on US stockpiles of crude and refined products; oil data to be released at 11:00 AM EST
  • Late Wednesday evening the American Petroleum Institute reported that US oil inventories rose by 4.2 million barrels in the week ending December 23. This was a surprise to analysts who expected a 1.5 million barrel decline

Charts (1) US Jobless Claims 2014-2016