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Markets Edge Away from Records

Posted by Joseph Trevisani on Dec 29, 2016 6:46:21 PM

The dollar dropped for the  first time in three days, the euro edged further from its 14 year low against the U.S. currency and  equities continued their retreat from record territory as markets prepared to leave 2017 for the books.

The Dollar Index (DXY) slipped to  102.70 (4:12 PM NYT)  its first loss in three days after having reached 103.65 on December 20th its highest level since December  2002.  The euro was trading at 1.0487 in late New York (4:27 NYT) having touched  1.0352, also on December 20th, its weakest against the greenback since January 2003. 

American stocks faded slighlty with the Dow losing 13.90 points 0.7 percent to 19819.78, less than one percent from its all-time high of 19987.63 from last Tuesday. The S&P 500 was essentially unchanged slipping just 0.66 point, 0.03 percent to 2249.26. 

Treasury yields closed marginally lower. The 10-year lost 3 basis points to 2.4750 percent while the 2-year shed 4 points to end at 1.2122 percent.  

Trading volumes have been thin across all markets  this week as is usual at year end, with crude oil, equities and currencies all well below normal deal averages.  Most banks and commercial enterprises close their trading books during the final two weeks of the year.

Investors and traders are liikely reassessing markets and positions after post- U.S election moves that brought the dollar to multi-year, set all-time records in equities and sent Treasury prices skidding.  

Donald Trump the victor in the Presidential contest takes office on January 20th. 


Joseph Trevisani

Chief Market Stratgegist


Charts: Bloomberg

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