Strong USD on Tuesday
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.
USD: FOMC Meeting Minutes are in focus
Instruments to trade: EUR/USD, USD/JPY, GBP/USD
FOMC Meeting Minutes will be released on January 6 at 21:00 MT time. The FOMC is the Federal Open Market Committee, which is the department of the Federal Reserve. It will publish the record of the previous meeting that took place on December 16, which contains the details of the economic and financial conditions that affected the monetary policy decision. The Fed is one of the world’s most important central banks and its economic projections tend to change the market sentiment and therefore set the new vector of Forex trends. That’s why it’s a must-see for every trader! Wait for the release of the meeting minutes and check the charts.
- If the Fed is optimistic, the USD will rise.
- If the Fed is pessimistic, the USD will drop.
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Will the USD grow with the US labor market?
The US unemployment claims are out on Thursday at 15:30 MT time.
Will the US CPI boost the USD?
The American CPI is announced on Wednesday at 15:30 MT time.
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ECB report is in focus
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Markets await Biden to unveil "trillions dollars"
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.
USD came under selling pressure
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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