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Market Update – Nasdaq hits new records – AUD, GBP weaker in Asian session trade

jeffriess
December 17, 2019
by Joseph Jeffriess, Market Analyst

Article Recap

Nasdaq and S&P500 hit new records overnight - Sellers target GBP and AUD during today's Asian session.

USD see’s demand in today’s Asian session.

After a flat start sellers took over this morning sending the GBPUSD mainly lower, the GBP was also down to the JPY and CAD. This trickled over into the EUR and AUD but the EUR has pulled back all of its earlier losses to the USD. The AUD continued lower after the monetary policy meeting minutes. The AUD lost 0.33% to the USD and 0.35% to the JPY.

After a stunning session yesterday the ASX200 remains flat, the Nikkei 0.41% higher and indexes in China are higher the Hang Seng 0.75% higher. US indexes closed higher overnight the Nasdaq and S&P500 hitting new records. (chart below) The Nas closed at 8814. The Dow touched new records bt failed to hold its close.

Gold failed to clear resistance overnight and remains held at 1477.60, buyers have a small gain today but will we see a break? Oil gained overnight but failed to hit new weekly highs.

With no key data in tonight’s EU and NY session, (US Building Permits med impact at 12:30 am AEDT) we will be watching the current struggle at some points. Looking at the JPY majors we can see buyers trying to maintain positions and consolidation starting to develop. The same can be seen on the main USD pairs with the looking the strongest at the moment with buyers retesting 1.1145 in today’s session. Will we see continuations or further consolidation?

Good trading from Eightcap.
All times are AEDT.