Forexlive Americas FX news wrap 13 Dec: US yields rise for the 5th day in a row. 0 (0)

Markets:

  • Gold fell -$31.91 or -1.19% at $2648.66. Gold is ending the week up $16.27 or 0.619%
  • WTI crude oil rose $1.07 or 1.3% at $71.10. Crude oil is up $3.88 or 5.77%

US yields rose every day this week as the market adjusted to a less accommodative Fed in 2025 as a result of a solid economy. The gains came despite the expectations that the Fed will cut rates by 25 basis points when they need next week.

  • 2 year yield 4.2448% up 5.9 bps. For the week, yields are up 13.7 bps
  • US 10-year yields 4.394%, up 7.1 bps For the week yields are up 25 bps

The US stock indices were mixed today with the Dow falling for the 7th day in a row. The S&P was unchanged and the Nasdaq marginally higher

  • Dow industrial average fell -86.06 points or -0.20% at 43828.06. The NASDAQ closed lower for the 7th consecutive day (down 2.82%). For the trading week, the index fell -1.82%
  • S&P index fell -0.16 points or -0.0% at 6051.09. For the trading week the index fell -0.64%.
  • NASDAQ index rose 23.88 points or 0.12% at 19926.72. For the trading week the index squeaked out a small 0.34% gain.

In the forex, the USD is closing mixed vs. the major currencies. The USD:

  • -0.32% vs the EUR
  • +0.66% vs the JPY
  • +0.41% vs the GBP
  • +0.07% vs the CHF
  • +0.10% vs the CAD
  • +0.16% vs the AUD
  • +0.16% vs the NZD

For the trading week, the USD rose vs all the major currencies as the expectations for the Fed to cut rates in 2025 eased and other central banks cut rates willingly. The SNB cut rates by 50 bps as did the CAD. The ECB cut rates by 25 bps but did talk about 50. The Bank of Japan may not raise rates at their next meeting which is bearish for that currency.

The % changes of USD vs the major currencies shows.

  • +0.61% vs EUR
  • +2.42% vs JPY
  • +0.89% vs GBP
  • +1.65% vs CHF
  • +0.61% vs CAD
  • +0.45% vs AUD
  • +1.06% vs NZD

.For a review of the technical’s driving the major currency pairs CLICK HERE.

Key events next week will be highlighted by

  • The Fed meeting and rate decision on Wednesday at 2 PM with the expectations of a 25 bp cut.
  • The Bank of Japan on Thursday with no change expected
  • The BOE will also meet on Thursday with no change expected.

IN other key data releases:

  • PMI flash data will be released in Europe and the UK, and then the US on Monday.
  • UK employment data will be released on Tuesday at 2 AM ET
  • Canada CPI data will be released on Tuesday at 8:30 AM ET
  • US retail sales will also be released at 8:30 AM ET (0.6% estimate).
  • UK CPI will be released at 2 AM on Wednesday
  • New Zealand GDP for the quarter will be released on Thursday
  • US final GDP for the third quarter will be released on Thursday at 8:30 AM ET along with the weekly initial jobless claims data.
  • UK retail sales will be released on Friday at 2 AM ET
  • Canada retail sales will be released at 8:30 AM on Friday
  • US PCE data will be released at 8:30 AM on Friday

This article was written by Greg Michalowski at www.forexlive.com.

Go to Forexlive

Major US indices close mixed. Dow lower for 7th day in a row. S&P unchanged. Nasdaq higher 0 (0)

The major US indices are ending the session with mixed results. The Dow industrial average is marginally lower. The S&P is near unchanged. The NASDAQ index is marginally higher.

A snapshot of the closing levels shows:

  • Dow industrial average fell -86.06 points or -0.20% at 43828.06. The NASDAQ closed lower for the 7th consecutive day (down 2.82%). For the trading week, the index fell -1.82%
  • S&P index fell -0.16 points or -0.0% at 6051.09. For the trading week the index fell -0.64%.
  • NASDAQ index rose 23.88 points or 0.12% at 19926.72. For the trading week the index squeaked out a small 0.34% gain.

For the small-cap Russell 2000, the index fell -14.18 points or -0.60% at 2346.89. For the trading week the index fell -2.5778.

Today Broadcom soared 24.43% after reporting earnings and raising guidance. The gains came at the expense of Nvidia which fell -2.25%.

Other large-cap names to do well today:

  • Microsoft, -0.51%
  • Amazon -0.66%
  • Meta -1.66%
  • Alphabet, -1.11%

Tesla meanwhile rose 4.34% to a new record level

This article was written by Greg Michalowski at www.forexlive.com.

Go to Forexlive

EURUSD sellers keep the pair below moving averages for most of the week…. 0 (0)

The EURUSD is ending the week lower after an up-and-down path to the downside. The move to the downside fell below a cluster of MAs with the 200 hour MA being the one that has put a lid on the pair on Tuesday, Wednesday, Thursday and again on Friday. That ceiling increases the 200 hour MA level’s importance. The level comes in at 1.05258. In early trading next week, stay below keeps the sellers more in control. Move above and the 38.2% of the November range at 1.05628 and swing area at 1.05926 to 1.0611 becomes the next key target.

If the price stays below the MAs (below 1.05258, the downside target is a swing area between 1.0448 to 1.0461. Move below that level and the swing low from November 26 at 1.0424 would be targeted, folllowed by the low from November at 1.0332.

This article was written by Greg Michalowski at www.forexlive.com.

Go to Forexlive

Bybit Advances Regulatory Compliance, Temporarily Adjusts EEA Operations 0 (0)

Bybit, the world’s second-largest cryptocurrency exchange by
trading volume, continues to reinforce its commitment to transparency and
regulatory compliance. In response to evolving regulations, Bybit has made the
difficult but necessary decision to temporarily adjust the availability of its
products and services within the European Economic Area (EEA).

Paving the Way with MiCAR Compliance

Bybit is actively pursuing a Markets in Crypto-Assets
Regulation (MiCAR) license in Austria, a cornerstone of its compliance-first
approach. This effort underscores Bybit’s dedication to aligning with stringent
European regulatory standards, enhancing user protection, and delivering a
secure trading environment.

“Obtaining the MiCAR license will be a strategic milestone
for Bybit,” said Ben Zhou, Co-founder and CEO of Bybit. “Our proactive
stance ensures that we meet and exceed the expectations of both regulators and
our users, as we work toward a future where innovation and compliance coexist
seamlessly.”

Temporary Adjustments to EEA Operations

To ensure ongoing compliance with applicable regulatory
laws, particularly regarding reverse solicitation, Bybit has made the difficult
decision to generally cease all communication with the EEA region. This measure
is intended to avoid any potential breach of the strict reverse solicitation
principle. Existing customers‘ access to their crypto assets remains
uninterrupted.

Although this was a challenging decision, it was necessary
for Bybit to maintain its compliance-first approach. Bybit is actively working
towards obtaining a MiCAR license in Austria to become one of the first players
in the EEA. Once the appropriate licensing is secured, Bybit will start
engagement with its EEA clients in accordance with applicable laws.

Balancing Innovation with Compliance

“As cryptocurrency adoption continues to grow globally, it
is Bybit’s mission to deliver secure and reliable trading experiences
underpinned by robust regulatory framework to all crypto communities,“
said Ben Zhou, Co-founder and CEO of Bybit. „To ensure we meet the
highest standards and pave the way for a safer and more sustainable future for
the industry, we’ve made the proactive decision to temporarily adjust our
operations in the EEA. This allows us to focus on obtaining the necessary
licenses and ensuring a fully compliant platform focused on serving EEA
clients.“

Commitment to the EEA Market

Bybit will be deeply committed to serving its EEA clients
once it receives a MiCAR license. The company is actively engaging with
regulatory authorities to expedite the licensing process and start full
operations in the region.

Bybit appreciates the support of its users as it navigates
this pivotal regulatory journey. For questions or assistance, users are
encouraged to contact Bybit’s Customer Support team via Live Chat.

About Bybit

Bybit (https://www.bybit.com) is the world’s second-largest
cryptocurrency exchange by trading volume, serving over 50 million users.
Established in 2018, Bybit provides a professional platform where crypto
investors and traders can find an ultra-fast matching engine, 24/7 customer service,
and multilingual community support. Bybit is a proud partner of Formula One’s
reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

This article was written by FL Contributors at www.forexlive.com.

Go to Forexlive