
The British monthly GDP is announced on Friday at 09:00 MT time.
The market sentiment has switched to risk-on, driving upwards stocks and riskier currencies and weighing on the US dollar.
The most traded pair is trying to break through the strong resistance of 1.1750, which it has failed to cross a few times so far. The move above this level will drive the pair upwards to the 100-period moving average at 1.1770. On the flip side, if it falls below yesterday’s low of 1.1710, the way to the next support of 1.1675 will be open. Follow unemployment claims and US Manufacturing PMI as they will be two main drivers of the price movement today.
As mentioned above, stocks have been pushed up by the overall risk-on sentiment. S&P 500 has broken through the 50-day moving average of 3 350, therefore the way to 3 425 is open now. If the price crosses it too, it may jump to 3 480 then. Support levels are 3 330 and 3 290.
XAU/USD is staying just below the significant resistance of $1 900. If it eventually passes it, the high of September 22 of $1 920 will be open. In the opposite scenario, the move below the support of $1 880 will drive the yellow metal to September’s low of $1 850.
The aussie is edging higher, driven by the improved sentiment. The move above the 50-day moving average of 0.7200 will drive AUD/USD upwards to 0.7335. Otherwise, the move below the significant support of 0.7100 will push the price to the key psychological mark of 0.7000.
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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