Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
Thai exports go up 11.6% y/y in July
In July, Thailand's customs-cleared annual exports went up for a fifth straight month according to a Reuters survey, underpinned by improved global surge as well as sturdy demand for commodities.
A number one driver of Thailand's surge, exports were predicted to ascend 11.6% in July from 2016 after June’s 11.7% soar, as the median forecast of 15 experts states.
After mediocre numbers for years, Thai exports have revived this year. However, they experience a risk from a firm baht that has appreciated approximately 7.6% versus the greenback in 2017, the greatest revenue in Asia.
Meanwhile, the country’s commerce ministry actually expects 2017 export surge of 5% after a 0.5% ascend the previous year following up to three years of contraction.
In July, imports tacked on 13% from a year following June's 13.7% leap, as the poll revealed.
In July, the country’s trade surplus is supposed to have narrowed to approximately $800 million after a $1.92 billion surplus in June.
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 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.
We are now past the middle of January, and this means that the largest US companies will report their earnings for the fourth quarter and many of them will provide the results of the entire 2020.