
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
Due to the positive data, the level NZD/USD rose above the resistance at 0.6550. On a daily chart, the pair is testing the resistance at 0.6596 (50-day MA). If the USD gains strength, the price can move below the support at 0.6550. In that case, the next support is at 0.6486.
In addition, Great Britain anticipates the average weekly earnings index in three months to August. It is expected to reach 2.6%. A higher-than-expected level can also support the GBP.
If there’s more news on Brexit uncertainties, the pair will move below the support at 1.3146 downwards to the next support at 1.31 (100-day MA).
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
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.
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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