US unemployment data and the USD
The United States will publish the Initial Jobless Claims on Thursday, December 30, at 15:30 GMT+2 (MetaTrader time).
Monday started with volatility
Geopolitics is currently on all news frontlines. Western nations escalated sanctions on Russia for the invasion of Ukraine. The event involves the key economies of the world, so naturally, it influences the market.
Oil is once again rising. XBR/USD opened with a gap up and is near $100. The conflict will likely keep boosting commodity prices.
The US dollar is perceived as a safe haven in the current situation. That’s why EUR/USD and GBP/USD may remain under pressure. The Eurozone’s economy relies heavily on Russian energy, so traders are worried that it may be hurt. Support for EUR/USD is in the 1.1120/00 area. Resistance is located at 1.1230.
The US dollar index also opened with a big bullish gap and is trading at the highest levels since 2020. The US currency failed to overcome the 97.50/97.75 on Thursday and Friday. Notice that the return below 97.00 may lead to a correction. The most important thing now is how the Federal Reserve, the US central bank, reacts to the news. Will the events affect its planned series of interest-rate hikes starting March? The markets now think that the Fed may be less aggressive and may raise rates by just 6 times in 2022.
Gold is a traditional safe haven. We can see that the price of the yellow metal is volatile. After testing highs at $1928, XAU/USD subsided. The key support is around $1900.
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