The ECB Monetary Policy Meeting Accounts will be released at 14:30 MT on January 16
Forex today: it seems like the USD found a support
- The US dollar is rising for the second day. There is no dramatic news for the greenback, so it is able to strengthen. The US dollar index has climbed above 89.
- The pound showed a big volatility yesterday, however, it managed to strengthen today. The GBP/USD pair is trading in the range of 1.4170. The pound is rising because the UK government is anticipated to propose a new solution to avoid hard border in Ireland.
- The New Zealand Dollar has continued to fall as the ANZ Business Confidence data was weaker than the previous one. Moreover, the data is negative (-20.0) that represents a poor economic situation in the country.
- An important geopolitical event! The North Korean leader Kim Jong Un visited China. It was his first known journey abroad since he assumed power in 2011. The main issue was denuclearization.
- Based on this news, the yen lost some points. The USD/JPY pair returned above 105.50. If it is able to break the 61.8 Fibonacci retracements, the next psychological level is 106.20.
- Other currency pairs move in the same direction as there is no important data in the next few days.
- Crude oil benchmarks are falling for the third day. The drop was extended by the Tuesday news about the surge of American crude storage. Moreover, Crude Oil Inventories data is anticipated today at 16:30 MT time. If actual is greater than the forecast one, oil may fall further. WTI fell to $64.58 a barrel, Brent to $68.92.
- Stocks declined because of the tech equities sell-off. S&P 500 fell by 1.7%. An attention of investors will be focused on Facebook Inc. Mark Zuckerberg will testify before the U.S. House Energy and Commerce Committee on April 12.
We expect the US-China phase one trade deal to be signed on Wednesday and multiple important indicators for the USD. Plus, it is the first week of the earnings reports
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The Bank of Canada (BOC) will release its rate statement alongside the monetary policy report during its meeting on January 22 at 17:00 MT time.
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