Oil Closes its Worst Monthly Decline Since December 2008 as Risk Appetite Retreats, the Dollar Rallies
It is has been a bearish open to the year for crude. The commodity suffered its worst monthly decline since December of 2008 with a 12 percent tumble from the more than one-year high set earlier in the month.
EUR/USD: Trading the U.S. ISM Manufacturing Report
Manufacturing activity in the U.S. is expected to expand at a slower pace in December, with economists forecasting the ISM index to weaken to 55.2 from 55.9 in the previous month, and the data is likely to spark increased volatility in the exchange rate as investors weigh the prospects for a sustainable recovery.
A Range Bound NZD/USD Provides Scalping Opportunity
The New Zealand dollar continues to trade sideways as robust U.S.GDP figures have temporarily eased concerns over the pace of the recovery. The “kiwi” isn’t seeing typical support that follows increased optimism as commodity prices aren’t seeing the follow though that equity markets are experiencing as global growth concerns remain. China’s efforts to curb lending continue to weigh on prices of raw materials and related currencies. The lack of a fundamental catalyst and a staunch support line has created an ideal scalping environment.
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