Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The US Dollar gained momentum on Monday, approaching a two-year peak. This upward trend was fueled by an upward revision in November Durable Goods orders, surpassing initial estimates.
Key Developments:
Government Shutdown Averted: A last-minute deal prevented a government shutdown, easing market concerns ahead of the holidays.
Durable Goods Upward Revision: The upward revision in Durable Goods orders boosted the Dollar’s strength.
Economic Data Releases:
Chicago Fed National Activity Index showed a slight improvement.
Consumer Confidence declined in December.
Treasury Auctions: The US Treasury will conduct several bond auctions throughout the day.
Market Sentiment: Asian equities rebounded after a losing streak, while European and US equities experienced losses.
Fed Expectations: Market expectations for a rate cut at the first Fed meeting of 2025 remain low.
US Treasury Yields: The 10-year Treasury yield held near recent highs.
Technical Outlook:
US Dollar Index (DXY): Approaching a key resistance level near 109.29.
Potential support levels at 107.35, 106.52, and 105.53.
55-day SMA could provide support.
