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On Thursday, the major US currency managed to leap versus its key rivals after the key US bank told that it’s on track for extra rate lifts in 2018, while the British pound dived ahead of the BoE’s policy announcement a bit later in the day.
Assessing the US currency’s purchasing potential versus its main counterparts, the USD index tacked on by 0.21% hitting 94.66.
Demand for the evergreen buck was still backed after the major US bank kept interest rates on hold as generally anticipated at the conclusion of its policy gathering on Wednesday. The Fed stressed that the American economy has been adding confidently and the job market has kept strengthening.
The evergreen buck was also backed by safe haven demand in the face of renewed worries over global trade tensions.
On Wednesday, the current US presidential administration told that it’s geared up towards ramping up duties on $200 billion worth of China’s imports to 25% having earlier setting them at 10%, thus driving a trade conflict between the world’s leading economies.
The common currency declined versus the US dollar. The currency pair EUR/USD headed south 0.21% demonstrating an outcome of 1.1634.
The evergreen buck dived a bit against Japan’s currency. The currency pair USD/JPY slumped by 0.09% trading at 111.62. However, it held on to most of its Tuesday’s revenue after the Bank of Japan promised to keep interest rates low enough. Moreover, the bank made minor tweaks to its asset purchase program for the purpose of making it more flexible.
The pound edged down. The currency pair GBP/USD declined by 0.28% reaching 1.3090 ahead of the conclusion of the BoE’s gathering later on Thursday, at which it was generally anticipated to deliver its second rate lift for a decade, notwithstanding a weakening outlook for the British economy as well as escalating uncertainty over Brexit.
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.
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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