
The US will publish the advance GDP for the fourth quarter of 2020 on January 28, at 15:30 MT time.
Don’t waste your time – keep track of how NFP affects the US dollar!
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The market sentiment is mixed today as contradictory economic data from China and the USA this week showed that the recovery path will be bumpy and it will take a lot of time to reach pre-crisis levels. It erased the investors’ optimism based on successful vaccine tests. US retail sales came out better than analysts expected. They were 7.5%, while the forecast was 5.0%. However, jobless claims tuned out more by 50 000 than the forecast – 1.3 million people filed for unemployment benefits. The US dollar fell down after report, but then returned to previous levels.
Let’s look at the charts. EUR/USD bounced back from the key resistance at 1.1445. Now it’s moving upward to the resistance at 1.1415. If it breaks through this level, it may surge again to the recent high at 1.1445. Support levels are 1.1343 and 1.1280. Follow the EU Final CPI at 12:00 MT time and the US Consumer Sentiment at 17:00 MT time, the latter will have a huge impact on the market.
The S&P 500 reached the key resistance at 3 225, but failed to break it through. The move above will push the price to the next resistance at 3 300. Support levels are 3 135 and 3 110. The US consumer sentiment should define the further S&P movement.
Gold dropped dramatically and even broke through the lower trend line. It reversed from the support at $1 794 and crossed the key psychological mark at $1 800. It will meet soon the resistance at $1 810. Support levels are at $1 794 and $1 778.
Finally, let’s look at the USD/JPY. The pair has just crossed the support at 107.2. It's moving towards the next one at 107.0. Resistance levels are at 107.35 and 107.7. Follow the US consumer sentiment report at 17:00 MT time!
The US will publish the advance GDP for the fourth quarter of 2020 on January 28, at 15:30 MT time.
Jump in to get a short market wrap with fresh trade ideas!
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
The US will publish the advance GDP for the fourth quarter of 2020 on January 28, at 15:30 MT time.
Jump in to get a short market wrap with fresh trade ideas!
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
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