Market Snapshot – Markets Mixed Ahead of Holidays, US GDP Revised Slightly Lower

Markets Mixed

The markets have turned mixed as the tax reform bill has passed in the US and now the traders do not know what to look forward to, next. US Gross Domestic Product for the third quarter was released on Today and revised to 3.2% from 3.3$ due to weaker consumer spending. Personal consumption was also revised down to a 2.2% increase from 2.3%.

The markets had been rising last week in anticipation of the tax bill being pushed through the Senate but like the case of buying the rumor and sell the fact, the market has been moving lower once the bill has been passed. We are also heading to a period of holidays as we move towards the end of the year and this has made the markets even more uncertain. The traders do not want to commit themselves at this point of time as they do not want to get caught in any violent moves in non-liquid markets. So, we are likely to see some choppy action in the day ahead as we wind down to the close of the year.

Big Data from the US Ahead

The trading volumes have begun to become light and they are likely to become even lighter as the days go on. We have the final GDP data from the US later today and also a lot of data from Canada including the retail sales and inflation data as well. These data are likely to have less of an impact in the markets as the traders are already in a holiday mood and they would not want to rock the markets in either direction at this point of time.