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On Wednesday, public holidays along with the approach of the Fed’s monetary policy statement are keeping a tight lid on foreign exchange movements, with the common currency holding on to most of its profits after a firmer-than-anticipated first quarter GDP report on Tuesday.
With EU and Japanese markers closed, the US major bank’s statement as well as Fed Chair Jerome Powell's subsequent press conference will most probably overshadow everything else on Wednesday.
A decision to keep official rates intact appears to be a foregone conclusion. Therefore, market focus will probably be on the Federal Reserve’s interpretation of the previous week’s GDP report. Experts argued that the underlying dynamic of the American economy happened to be weaker than the suggested annualized surge figure of 3.2%, although not weak enough to guarantee cutting interest rates.
The common currency was worth $1.1223, surpassing Tuesday’s outcome by about 0.1% against the backdrop of suspicions that the Eurozone GDP report on Tuesday might not have been as firm as it looked.
Aside from that, the UK pound was staying above $1.3000.
Estimating the greenback’s purchasing potential versus its main rivals the USD index was worth 97.205, standing still.
In addition to this, the probability of China and America striking a trade deal has increased following reports that America had dropped one of its major demands, which is its insistence that China should cease alleged instances of cyber-theft. As some sources state, it has made a watered-down trade agreement more real.
Negotiations can’t resume indefinitely, and both sides require a win. Experts added that American leader might not always obtain he wants.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
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.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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