FX MARKET REPORT 15.01.2021

FX MARKET REPORT 15.01.2021

FX MARKET REPORT 15.01.2021

Daily Commentary
Daily Commentary
FX MARKET REPORT 15.01.2021
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FX MARKET REPORT 15.01.2021

GBP/USD has been hovering below 1.37 as markets digest Biden and  Powell’s speeches. The UK’s vaccination campaign and weak US data may  push cable above the strong 1.37 resistance. Critical resistance is at  around 1.37-1.3705, which is now a triple-top after halting the pair’s  ascent in once again. Beyond 1.37, the next levels to watch are 1.3730,  1.3810, and 1.40 – all dating to 2018. Support awaits at 1.3610,  Thursday’s low, followed by 1.3545 and 1.3450. EUR/USD adds to the  weekly drop near 1.2120. The offered bias around the single currency  stays unchanged for yet another session and drags EUR/USD to the 1.2120  zone on Friday. The recent downside in the par has been exacerbated by  dovish comments from ECB officials regarding the appreciation of the  exchange rate in recent weeks and its impact on the inflation. This view  was later reinforced by the ECB Accounts published on Thursday. The  dollar edged higher Friday after President-elect Joe Biden outlined his  plans for additional stimulus, but gains are likely to be limited after  Federal Reserve Chairman Jerome Powell declined to join any discussion  about reducing monetary stimulus.  The dollar index was up 0.1% at  90.267, rebounding from last week’s near three-year low. USD/JPY was  down 0.1% at 103.67, while the risk-sensitive AUD/USD was down 0.3% at  0.7753.

GBP/USD has been hovering below 1.37 as markets digest Biden and  Powell’s speeches. The UK’s vaccination campaign and weak US data may  push cable above the strong 1.37 resistance. Critical resistance is at  around 1.37-1.3705, which is now a triple-top after halting the pair’s  ascent in once again. Beyond 1.37, the next levels to watch…

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