
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
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The US dollar’s weakness offered a boost to emerging-market currencies and oil.
EUR/USD retreated on USD’s softness. Now it’s heading towards the 100-period moving average of 1.2240. If it manages to break through the resistance zone of 1.2240-1.2250, the way up to the high of January 8 at 1.2270 will be open. Support levels are 1.2200 and 1.2140.
GBP/USD has pulled back from the resistance of 1.3700. If it manages to finally break it, the way up to the next round number of 1.3750 will be open. In the opposite scenario, the move below the 50-period MA will push the pair to the 100-MA at 1.3540.
USD/JPY was falling but stopped ahead of the support at 103.50. The breakout of this level will drive the pair down to the key psychological mark of 103.00. Resistance levels are the high of January 8 at 103.90 and Monday’s high of 104.30.
USD/CAD is moving down as the Canadian dollar gained on rising oil prices. The move below the low of January 6 at 1.2650 will drive the pair to the psychological mark of 1.2600. Resistance levels are at the recent highs of 1.2780 and 1.2830.
Follow Lagarde’s speech at 11:00 MT time, the US inflation report at 15:30 MT time, and crude oil inventories at 17:30 MT time.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
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