
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 market has started the week with a mixed sentiment. The US dollar is holding its gains, while the S&P 500 is edging higher.
Let’s look at the EUR/USD chart. If it crosses the key psychological mark at 1.1800, it may climb up to the 61.8% Fibonacci level at 1.1820. Otherwise, if it falls below the support at 1.1750, which it has touched several times, it may drop even deeper to 1.1700.
The S&P 500 is approaching the all-time high at 3 390. It has been rising for 9 consecutive days. Watch out support levels at the lows of the beginning of this year at 3 325 and 3 270.
Gold is trading near the $2 030 level. The move above $2 050 will push the yellow metal to the record high at $2 075. On the flip side, if the price drops below $2 025, it may fall even deeper to the key psychological mark at $2 000.
Finally, let’s look at the USD/JPY. The pair is edging higher on the positive NFP data. If the price jumps above 106.00, it will open doors towards the high of August 3 at 106.30. Support levels are at 105.70 and 105.40.
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 American CPI is announced on Wednesday 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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