The final week of the year was rather uneventful, as it lacked market moving news and many stock markets were closed or operated partially, after Christmas and before the New Year.
Thursday's US Initial Jobless Claims stood out, coming in at just 198,000 for the week ending December 25, with the 4-week moving average at 199,250 – the lowest reading since 1969.
US30 and SPX500 posted record highs and were heading towards a profitable week, despite deflating after the first solid half.
The USOIL was having another good week and is on track to close the month on a high note, after November's plunge, while XAU/USD was trying to register its third straight profitable week.
On the FX space, main Commodity Currencies (AUD, NZD, CAD) were heading towards a positive week against the US Dollar, but the greenback shined against the Japanese Yen.
The first week of 2022 will start with some stock markets out on holiday, but the economic calendar offers a flurry of releases.
The head-turner is Friday's US Employment report, which is forecasted to show the addition of 400K jobs in December, following last month's disappointing creation of 210K jobs.
On the same day, we expect employment figures from Canada as well, while Eurozone releases preliminary Consumer Price Index.
On Thursday, US Factory Orders stand out and we also expect a series of PMI's earlier in the week.
On December 15, the US Federal Reserve had announced a faster tapering of its Quantitative Easing program (QE) and on Wednesday we expect the minutes of that meeting, for potentially more insight in the officials' thinking.
Markets will also be looking forward to the 24th OPEC and non-OPEC Ministerial Meeting of January 4th, to see if the group (referred to as OPEC+) will maintain its production output plans by adding 0.4 mb/d or it will make changes.
See the economic calendar here.
Senior Market Specialist
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.