
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
Key events ahead:
Speech by the FOMC member Evans – 15:00 MT (12:00 GMT);
Speech by the FOMC member George – 17:00 MT (14:00 GMT);
Crude oil inventories – 17:30 MT (14:30 GMT);
US President Donald Trump meets Japan’s Prime Minister – 19:10 MT (16:10 GMT)
US President Donald Trump holds a press conference – 23:00 MT (20:00 GMT)
The price for WTI has been testing the support at $56.45. If bears manage to break this level, they will move the crude's price lower to the level at $55.9. The breakout of this level will may the price for WTI vulnerable to the fall towards the $55.5 level. If the oil prices are supported today by the lower-than-expected release, the price for WTI will rise to the $57.25 level (100-period SMA). Further resistance levels will be placed at $57.7 and $58.15.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
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.
Jump in to know the key market events and trading ideas for this week!
The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.
USD’s rally takes a pause, while riskier assets are modestly rising.
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