MARKET DEVELOPMENT – US Dollar, AUD/USD, NZD/USD & Platinum EvaluationUS Greenback: The US Greenback receives a modest raise
US Greenback: The US Greenback receives a modest raise following higher than anticipated retail gross sales knowledge. Whereas considerations have been raised from Goal’s smooth earnings report, right this moment’s knowledge proceed to underscore the energy of the US client.
Platinum: Having damaged above $1000 for the primary time in 2-years, the outlook is trying rising bullish for the valuable metallic, significantly in absence of notable drawdowns throughout fairness markets. A key technical break above trendline resistance from its 2008 file excessive ($2290) gave platinum an added push all through yesterday’s session. That mentioned, platinum has gained over 15% since South Africa’s Eskom introduced its largest ever electrical energy blackout on December 9th. As a reminder, roughly 75% of platinum manufacturing comes from South Africa. Elsewhere, speculators have continued to purchase the valuable metallic as they maintain a file web lengthy.
AUD: The forex has managed to consolidate above its 200DMA (0.6864) as threat sentiment stays constructive with fairness markets going from energy to energy. Nonetheless, with sizeable choices located at 0.6930-35, alongside higher than anticipated US retail gross sales, additional AUD/USD could also be restricted. Key levels to watch. Elsewhere, NZDis the reasonable outperformer following…