FX MARKET REPORT 27.01.2021

FX MARKET REPORT 27.01.2021

FX MARKET REPORT 27.01.2021

Daily Commentary
Daily Commentary
FX MARKET REPORT 27.01.2021
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FX MARKET REPORT 27.01.2021

GBP/USD seesaws around 1.3730 after refreshing the 32-month high during early Wednesday. The quote initially cheered the market’s optimism surrounding the coronavirus (COVID-19) vaccine and the US dollar weakness before allowing the bulls to catch a breather amid virus woes in the UK and wait for the key Federal Reserve meeting. GBP/USD’s immediate technical bias remains bullish, as the higher lows and higher highs setup on the daily chart is still intact. The GBP/EUR has tested the 1.13 level several times recently, whilst EUR/USD is trying hard to extend Tuesday’s bounce above 1.2150 but in vain, as the bulls remain nervous in the run-up to the Fed showdown. The Fed is likely to strike a dovish tone, which could further weigh down on the greenback.  The broader market risk sentiment and the US stimulus headlines might influence the USD price dynamics. In the meantime, the release of US Durable Goods Orders will be looked upon for some short-term trading opportunities later during the early North American session. The dollar index was up 0.05% at 90.188, against Japanese Yen, the dollar was up 0.12%, trading around 103.7, recovering from a dip to 103.58. The Fed may is set to comment on recent economic weakness, as well as prospects for a better second-half of the year. Jerome Powell, Chairman of the Federal Reserve, may be asked about froth in stock markets.

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GBP/USD seesaws around 1.3730 after refreshing the 32-month high during early Wednesday. The quote initially cheered the market’s optimism surrounding the coronavirus (COVID-19) vaccine and the US dollar weakness before allowing the bulls to catch a breather amid virus woes in the UK and wait for the key Federal Reserve meeting. GBP/USD’s immediate technical bias…

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