
The British monthly GDP is announced on Friday at 09:00 MT time.
The market sentiment improved after the USA reported some decreasing in coronavirus hospitalizations. Gold dropped below $2 000 and the US dollar dipped down, while stocks surged. Let’s have a closer look.
Some analysts believe that EUR/USD is unlikely to keep rallying. Indeed, it has been steeply declining for the third day in a row. The ZEW economic sentiment at 12:00 MT time will define the further euro movement. If EUR/USD breaks the low of August 4 at 1.1720, it may fall even deeper to the key psychological mark at 1.1700. On the flip side, if it jumps above the 50 moving average at 1.1800 on the 4-hour chart, it may reach 1.1820 on the 61.8% Fibo level.
The British pound weakened after the mixed jobs data. It has been trading exactly under the 50 moving average since Friday. If it manages to break through the 1.3100 level, which it has touched several times already, it will rise to the high of August 6 at 1.3160.
The stock index has been rallying for the 10th day straight. It’s widely expected that it will reach the all-time high at 3 390. Anyway, look for support levels at the lows of January-February of this year at 3 325 and 3 270.
Finally, let’s look at the gold chart. The move below $2 000 really surprised all the traders today as nobody expected it. If it closes below $2 000, it will open doors towards the low of July 30 at $1 970. Resistance levels are $2 025 and $2 050.
The British monthly GDP is announced on Friday at 09:00 MT time.
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
The US unemployment claims are out on Thursday 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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