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The Australian dollar tested the lowest levels since January's flash crash below 0.68 on the risk aversion yesterday. Is there any hope for the aussie to recover? The answer is yes but at first, we need to wait for the Reserve bank of Australia's meeting today at 7:30 MT time.The central bank has made two rate cuts in June and July. This time, the interest rate is expected to remain steady at a record low of 1%. The inflation data came out in line with the forecasts, that is why the chances of a third rate cut are quite low. We need to pay attention to the tone of the statement and to the hints on the future rate cuts. Dovish comments by the RBA governor Philip Lowe will make the currency weaker. Pay attention to the 0.6745 level, which may be broken in that case. Otherwise, AUD/USD may reverse and reach the 0.6851 level.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
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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