Market Steadies Ahead of Christmas

It seems that traders started to celebrate the holidays a little early. However, it is not completely true. The US dollar index was trading flat in a narrow range around 93.40. Two days before the closing of the trading week, the activity of investors decreased significantly. Even statistical data failed to return the dollar buyers on the market. According to the provided data, durable goods orders grew by 1.3% in November, defying market expectations of a 2.1% increase At the same time, the October figure was revised upwards. Earlier, experts reported a 1.2% decrease, but after revision, the index showed a smaller drop to 0.4%.

The report on the US Personal Spending also showed an upbeat data. Personal consumption expenditures in the US jumped by 0.6% month over month in November. Economists had forecast a 0.6% increase. Perhaps, this news helped the US dollar to recoup its lost positions against the Canadian dollar. The USD/CAD pair rose to 1.2780 .The pair was also supported by the report on Canada’s GDP, which indicated that the rate of the Canadian economic growth remained unchanged in October. The cryptocurrency market suffered from the turmoil. The strong bearish trend suppressed the bitcoin rate below $12,000.

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