Forex Today: US Dollar Opens Lower at Partial End to Holiday

Markets partially reopens as the Christmas holiday ends in some markets, with the US Dollar trading lower against most major currencies.

  1. Many markets have quietly reopened as the Christmas holiday comes to an end in several countries, although the UK and Canada see public holidays today, which will likely indicate a quieter London session for the Forex market today. The US Dollar is selling off a bit on mildly improved risk sentiment as China scraps its remaining covid quarantine rules for inbound travellers.
  2. In the Forex market, the Australian Dollar and the Euro are the strongest major currencies, with the US Dollar being the weakest right now. The EUR/USD currency pair is in a notable long-term bullish trend, and trend traders will be looking to be long here as this pair historically trends reliably, so higher prices are likely over the coming days.
  3. Precious metals are rising again, with especially strong long-term trends seen in both Silver and Gold. Long trades in these precious metals will also be attractive to trend traders as the probability is of higher prices here over the coming days.
  4. Sugar futures have reached their highest price in almost 6 years. Long sugar will be another attractive trade to trend traders.
  5. Daily new global coronavirus cases fell last week for the first time in two months.  
  6. It is estimated that 68.7% of the world’s population has received at least one dose of a coronavirus vaccination.
  7. Total confirmed new coronavirus cases worldwide stand at over 662.1 million with an average case fatality rate of 1.01%.  
  8. The rate of new coronavirus infections appears to now be significantly increasing only in China, Guatemala, Japan, and TaiwanThere is concern that the spread in China is currently extremely rapid. 
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.