{"id":77612,"date":"2022-12-28T03:46:36","date_gmt":"2022-12-27T23:46:36","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=77612"},"modified":"2022-12-28T03:52:23","modified_gmt":"2022-12-27T23:52:23","slug":"market-drivers-us-session-27-12-2022","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-drivers-us-session-27-12-2022\/12\/28\/market-updates\/","title":{"rendered":"Market Drivers \u2013 US Session \u2013 27\/12\/2022"},"content":{"rendered":"\n

China published its upwardly revised GDP estimate for 2021, at 8.4% instead of 8.1%. China has also stimulated positive market sentiment following the announcement of easing covid-linked restrictions, which will alleviate the negative impact of such restrictions on the economy. China Immigration Administration announced it would resume issuing visas for mainland citizens travelling abroad.

Tuesday\u2019s Economic Data
<\/strong>
According to the S&P CoreLogic Case-Shiller Home Price Index released on Tuesday, US home prices continued its downtrend in October for the fourth straight months. The US Dollar Index showed no immediate reaction to these figures and was last seen losing 0.05% on the day at 104.26.

Seasonally adjusted HPI Composite for 20 cities: -0.5% M\/M vs. -1.2% consensus and -1.2% prior. HPI Composite for 20 cities, not seasonally adjusted: -0.8% M\/M vs. and -1.5% prior.

Key Developments
<\/strong>
On Tuesday, the dollar extended its decline, ending the trading session with modest losses against most major rival currencies. Easing US inflation according to last week\u2019s latest data in addition to China\u2019s news were able to boost the market sentiment after a longer than usual weekend.

San Francisco Fed\u2019s Thomas M. Mertens, from the Economic Research Department, published a report, on Tuesday, on the central bank\u2019s official website entitled \u201cRecession Prediction on the Clock\u201d. The report could be seen as a recession predictor based on macroeconomic data, particularly the jobless unemployment rate. This economic update was able to push the US dollar\u2019s latest corrective bounce amid the holiday-thinned trading week. Mertens has claimed that this predictor is almost as accurate as the slope of the yield curve but is more accurate at shorter horizons.<\/p>\n\n\n\n

Global stocks benefited from the speculation that China would focus on boosting growth and abandon the Covid-zero policy. Wall Street traded mixed, with the DJIA up, but the Nasdaq Composite shed roughly 100 points.

Russia\u2019s Vladimir Putin signed a decree that bans the sale of Russian oil to countries that imposed the oil price cap. The said ban will come into force between February 1 to July 1.

The EUR\/USD pair keeps hovering around 1.0650, while GBP\/USD is down to 1.2025. The AUD\/USD pair trades in the 0.6730 price zone, while USD\/CAD hovers around 1.3520. Easing oil prices weighed on the CAD as the WTI trades at around $79.30 a barrel. Finally, USD\/JPY ticked higher and trades at 133.35.

Gold peaked at a fresh 3-week high of $1,833.32 but eased towards its comfort zone at around $1,815 by the end of the day.

Also Read
<\/strong>Gold abandons three week high to $1,814 price zone<\/a><\/p>\n\n\n\n

San Francisco Fed discards US recession concerns<\/a><\/p>\n\n\n\n

Could stocks\u2019 volatility continue into 2023?<\/a><\/p>\n\n\n\n

S&P 500 retreats on surging T-yields amid Santa Claus rally<\/a><\/p>\n\n\n\n

WTI crude price benefits from Putin\u2019s ban on oil supply<\/a><\/p>\n\n\n\n

USD\/CAD retreats to the lowest level in three weeks<\/a> <\/p>\n\n\n\n

US: International trade deficit declines to $83.3 billion in November<\/a><\/p>\n\n\n\n

US home price index falls less than expected in October<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

China published its upwardly revised GDP estimate for 2021, at 8.4% instead of 8.1%. China has also stimulated positive market sentiment following the announcement of easing covid-linked restrictions, which will alleviate the negative impact of such restrictions on the economy. China Immigration Administration announced it would resume issuing visas for mainland citizens travelling abroad.Tuesday\u2019s Economic …<\/p>\n","protected":false},"author":13,"featured_media":52661,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[6832,7134,7903,6846,9070,9952,7648,7536],"class_list":["post-77612","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-china","tag-covid-2","tag-economic-growth","tag-oil","tag-oil-ban","tag-oil-price-cap","tag-putin","tag-recession"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=77612"}],"version-history":[{"count":4,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77612\/revisions"}],"predecessor-version":[{"id":77623,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77612\/revisions\/77623"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52661"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=77612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=77612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=77612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}