
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
RBA will share its Monetary Policy Meeting Minutes on Tuesday at 04:30 MT time.
Instruments to trade: AUD/USD, AUD/NZD, AUD/CHF, EUR/AUD
On May 5, the Reserve Bank of Australia announced it would hold the interest rate steady at 0.25%. It also said that there would be no intention to increase it unless and until the economy moves towards full employment. Noting the fragile state of the labor market, that target will stay far away in the nearest future. However, we will want to know the exact details about the estimated damage that the Australian economy is expected to suffer in the Q2 as that will largely define how the recovery will go. Therefore, we will look for those details in the Monetary Policy Meeting Minutes to grasp the overall tone of what’s coming to Australia in the nearest months.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
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.
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.
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