The dollar traded higher versus majors other than the AUD as investors took advantage of the Christmas vacations low volumes to pile in global equity markets and show some confidence in the US economy after a long streak of daily losses. Technology stocks led the way higher reversing from year lows more than 7%, aided by US President Trump urge for traders to buy US stocks. The positive sentiment sent the JPY and CHF sharply lower as investors moved out of safe heavens driving the NIKKEI index up 4% from year lows. EU markets are to respond today to the global rally hoping it won’t fade as fast and in expectation of a quiet US session later on. Oil reversed sharply from 2018 lows on equities rally to close up 4$ at 46.51$ per barrel, its best one day move in 18 months.
US CB Consumer Confidence at 3:00 pm is the important news on the agenda Thursday.
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