USD is at two-week low, gold rises
Here are a short wrap of the latest news and the tech analysis of EUR/USD, AUD/USD, and gold.
ECB report is in focus
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Instruments to trade: EUR/USD, EUR/JPY, EUR/GBP
The European Central Bank expanded its Pandemic Emergency Purchase Programme (PEPP) by an additional €500 billion and extended it to 2022 during its meeting in December and left the rate at a record low of 0.0%. The purpose of those actions was to support the EU's struggling economy amid the Covid-19 crisis. Indeed, the resurgence of new cases in Europe has pressed the Eurozone into a double-dip recession. Economic indicators showed that the EU economic activity slightly improved at the start of 2021, but these levels are well below pre-pandemic ones. Besides, Brexit is having an impact too. Since the ECB extended its bond-buying program until 2022, we shouldn’t expect any major changes this year, but who knows!
- If the ECB confirms more easing needed, the EUR will fall.
- If the ECB doesn’t change its attitude, the EUR will rise.
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