We are coming into the final ‘full’ trading day of the US holiday-shortened week and there is both a provocative congestion pattern on the S&P 500 and meaningful event risk on tap. A break is possible, but any potential of follow through is capped by liquidity conditions.

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The New Zealand Dollar continued to firm after a jumbo 75 basis point rate hike by the RBNZ, setting a new record the central bank. Where to for NZD/USD?

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The S&P 500 rallied up a storm as the US Dollar sank after softer Richmond Fed Manufacturing data underscored the slowing inflation story. Ahead, all eyes are on the RBNZ rate decision.

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Gold is guided heavily by the US dollar just as most traditional fiat currencies tend to be. That said, the driving fundamental motivations for the Greenback will have a greater weight over the precious metal. And, that puts the focus on Fed forecasts.

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The US Dollar broke out to start the week and then pulled back to test support ahead of the release of FOMC meeting minutes from the November rate decision.

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