Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Dollar stretches gains on the session
Information is not investment advice
Ichimoku Kinko Hyo
USD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
XAU/USD: weakness for gold is gaining momentum with sellers to keep price below 23.6% retracement area.
US Market View
Global stocks were mostly lower on Monday, following the weakness on Wall Street on Friday that stemmed from the weaker-than-expected retail sales report for December. President-elect Joe Biden will issue a flurry of executive orders in his first days as president with the explicit aim of reversing as much as possible of his predecessor’s agenda. Crude oil prices fell but industrial metals rose as China’s GDP data painted a picture of robust near-term demand.
USA Key Point
- EU reportedly to seek extension to ratify Brexit trade deal
- Gold remains in a precarious spot to start the new week
- Pound retreats as EUR/GBP rebounds from key technical support level
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD.
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?