Happy Monday in a stunted week that will be the final one of 2024 and the first one of 2025.
It’s the final full trading day of the year and it’s been quiet so far in FX. That’s not the case in equities where S&P 500 futures are down nearly 1%.
It’s all about positioning and re-positioning today so I wouldn’t read too much into the moves, though I strongly suspect we will see profit-taking in high-flying names early in the year, if only due to tax considerations.
Today’s economic calendar will be a non-factor as we get the Chicago PMI (9:45 am ET), pending home sales (10 am ET) and the Dallas Fed (10:30 am ET). For more, see the economic calendar.