Another Slow Day in The Markets

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Updated: Dec 22, 2016, 08:34 UTC

It has been another slow day in the markets so far with the holiday mood still gripping the markets and traders not being in their desks and going out on

It has been another slow day in the markets so far with the holiday mood still gripping the markets and traders not being in their desks and going out on their holidays to enjoy themselves. This has resulted in very few trades and low liquidity in the markets and this is showing up in the prices which keep getting tighter and tighter in the different pairs. The majors did not have any major moves yesterday as they preferred to spend their time in consolidating for the bigger battles ahead. The dollar strength keeps coming and going moving the pairs this way and that but due to the lack of liquidity, there does not seem to be any specific direction to the moves.

Yesterday, the only important data of note was the weekly oil inventory data which came in larger than expected and this pushed down the oil prices as this means that the supply is more than what was expected. Today morning, the important piece of data was the New Zealand GDP data which came in much better than expected at 1.1% against the expected value of 0.8%. This showed that growth was expanding and is extremely positive for the economy. This could also mean that the NZ Central bank would be on hold in 2017 and may even start thinking about hiking rates if the good data begins to show up in other parts of the economy as well.