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Currency Trading Update

The composition of the leader board for the currency trading portion of the Million Dollar Portfolio Challenge has change dramatically over the past day, but one thing has stayed the same: contestant number 1. Indeed, this trader made over $100,000 in profits on Monday by closing multiple EUR/USD positions opened on December 23, bringing his currency trading portfolio balance to a whopping $725,121. Meanwhile, the rest of the contestants in the top 5 are completely different from last week, as they racked up gains in EUR/USD and GBP/CHF. If past experience is any indication of future results, though, these standings are likely change up soon.

Event risk will be limited in coming days as most financial markets will be closed on January 1 for New Year's Day:

Asian Trading Session
*No key indicators due to be released.

European Trading Session
*No key indicators due to be released.

US Trading Session
12/31, 8:30 ET

US Initial, Continuing Jobless Claims - Though these are not very market-moving, initial and continuing jobless claims are likely to hold near their highest levels since late-1982, boding ill for the January 9 release of US non-farm payrolls. This would be in line with Tuesday's release of the Conference Board's consumer confidence index, which reflected its worst readings since record-keeping began in 1967. Furthermore, a breakdown of the survey showed that consumers judged that business conditions had worsened, and that employment had been either less plentiful or just plan hard to get.

Terri Belkas
Currency Strategist
Forex Capital Markets LLC

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