At-a-Glance
Today’s Top Highlights
Although this week will have limited trading days with the holiday, there is still key economic data being released throughout the week starting tomorrow with Consumer Confidence, Core PCE and GDP reports. Many markets are seeing strong moves to the upside today starting off the week, and Gold and Silver are leading the charge, with both markets hitting a new all time high price today showing continued strength from last week. Along with that, the equity markets are broadly trading higher as well, led by the Russell which traded up nearly 2% on the day.
There was little economic data of value released today, and traders are pointing to the Dollar trading lower as a strong catalyst for the price action on the day. With the equities positive today, they are showing signs of looking to retest the all time high prices from a few short weeks ago, and some of the data coming out throughout this week could have a large impact on that outcome. The FedWatch is currently pricing in a pause in rate cuts for the January meeting with an 80% probability, and from there it is close to a 50% chance for the March meeting, so traders will be watching the data to see if there will be any impact on the probabilities.
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