A rough start to the week for the pound

A rough start to the week for the pound

2022-01-19 • Updated

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Ichimoku Kinko Hyo

CAD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

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Fibonacci Levels

XAU/USD: Gold is trading with high volatility as the risk-off mood send it lower. Price stands above the 23.6% retracement area.

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US Market View

The UK announced it had identified a new strain of the Covid-19 virus that is more contagious than the strain that has swept through the world this year. There is no information yet to suggest that it is any more virulent than the initial strain, or that the vaccines either already approved or in development will be any less effective against it. Global stocks tumble and the dollar surges as the UK discovers a new strain of the Covid-19 coronavirus. US lawmakers finally approved a $900 billion relief package that includes $600 checks to households, and a $300 weekly enhancement for federal unemployment benefits for 11 weeks. Global stocks corrected downward sharply overnight in response to the news from the UK, which analysts said poses fresh risks to the growth outlook for the first quarter.

USA Key Point

  • Canada Nov new housing price index +0.6% vs +0.8% prior
  • PM Johnson to hold a press conference later today
  • Virus fears will overshadow a light economic calendar
  • The USD is the strongest and the GBP is the weakest
  • France says it will stick to its 'red lines' as Brexit talks set to continue

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