
The British monthly GDP is announced on Friday at 09:00 MT time.
The most traded pair takes a break after rallying up for so long. If the price drops below yesterday’s low of 1.2240, it may fall to the 50-hour moving average of 1.2225. However, it’s likely to keep moving up to the resistance of 1.2275. If it manages to break this level, the way up to the next round number of 1.2300 will be clear.
XAU/USD has broken through the 200-day moving average and almost reached $1 900 but pulled back. If it manages to break above it, the way up to the 100-day moving average near $1 915 will be clear. The hopes for a US stimulus package may help gold to edge higher. In the opposite scenario, the move below the support of $1 860 will drive gold lower to the low of December 14 at $1 825.
The British pound is on the back foot amid the strong USD. If it drops below Wednesday’s low of 1.3450, the way down to the key psychological mark of 1.3400 will be open. On the flips side, the move above the resistance of 1.3625 will push the pair higher to 1.3680.
Finally, let’s discuss the S&P 500. It pulled back after setting the fresh high at 3 725. The move above this level will drive the stock index to the next round number of 3 750. Most analysts forecast the S&P 500 will drive further up. Support levels are at the low of December 14 at 3 645 and at the 50-day moving average of 3 545.
Follow German ifo Business Climate at 11:00 MT time and Canadian retail sales at 15:30 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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