Global markets and Central Banks are closed for action today.
This is what we expect will happen tomorrow.
Activity will remain relatively light tomorrow as the U.K. and Canada have another day-off for the holidays. But the U.S. and other European markets will continue where they left off last Friday.
The sentiment is likely to remain positive as U.S. investors continue to give Trump credit for improving the economy and investing in different projects such as infrastructure and creating more jobs inside the U.S.
The Dollar is expected to keep its good momentum from recent weeks as the U.S. Federal reserve indicated it is planning on raising interest rates three times during 2017, not two times as originally thought. This will help boost the USD as investors get better returns on their money when they but Dollars.
Another reason to believe that momentum will remain positive tomorrow is the holidays period.
The 2016 holiday season started off with big members, and consumers are set to spend $1 trillion on shopping and retail around the U.S.. This is a 4% rise from last year’s consumer spending during the holidays.
Tomorrow at 15:00 GMT new data of consumer spending will be published. Consumer spending is the engine of the economy, the more money people spend, the better the economy functions.
This is what happened days after Christmas in 2015 - EUR/USD was down as the U.S. economy performed better during holiday season.