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Below are Views On Daily Global Market Update 29 December 2021 By Asheesh Chanda, Kristal.AI

“Staying afloat

More sideways price action with SPX closing marginally lower on the day after big Tech names sold off a little. Equities stayed in the green elsewhere with Japan leading the way. The US dollar was marginally stronger with positioning here indicating expectations of a stronger dollar continuing in 2022 with a hawkish Fed at the helm. Gains in Crude helped the Norwegian Krone (NOK) turn in a strong performance on the day too. Given the bullish outlook for energy demand and the Norges Bank likely to stick to its choreographed hiking cycle, there are likely to be further gains here in the near term.

US yields were mostly unchanged with global yields a tad higher. Crypto weakness continued with Bitcoin now trading around the 48k level from 52k earlier in the week. Outside of crude, commodities were marginally lower and Gold remains tethered to the 1800 level. Australia, NZ and the UK are back from the long weekend today and we have weekly US Crude inventories ahead. No fireworks expected in the rest of the week as most participants wouldn't be looking to rock the boat, hoping to close out the year on a high.”

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