
The British monthly GDP is announced on Friday at 09:00 MT time.
The stocks rally takes a pause amid the deteriorated sentiment. Let’s discuss what drives the market today.
If EUR/USD rises above the high of August 24 at 1.1845, it will open doors towards the next resistance of 1.1880. Otherwise, if it tumbles below the key psychological mark of 1.1800, it will dip down to the low of August 21 at 1.1770.
If the pair moves up the high of August 21 at 0.7210, the way towards the next resistance of 0.7235 will be open. In the opposite scenario, if it falls below the support level of 0.7150, it may plummet to the next one at the low of August 12 at 0.7110. The long term trend is bullish, but risk-off mood may weigh on the aussie in the short term.
S&P 500 takes a breath after reaching a record high yesterday. If it jumps above 3 500, it will open doors towards 3 550. On the flip side, the move below the recent low of 3 430 will drive the price lower to 3 415. Follow the report of US durable goods orders as it will add fresh volatility to the market.
The WTI oil surged to levels unseen since the early March. Some analysts believe it could be caused by a hurricane in Mexico, which forced oil refineries to shut down and stopped the oil production. If the WTI oil rises above the key pscyhological mark of $45.00, it will soar to the high of March 2 at $47.50. Support levels are at $42.00 and $40.00. Follow the US crude oil inventories report at 17:30 MT time!
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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