Forex Today: The UK jobs report takes centre stage

Source Fxstreet

The US Dollar kicked off the new trading week sharply on the defensive as market participants closely followed President Trump’s Inauguration Day amid the inactivity in the US markets due to the MLK Jr. Day.

Here is what you need to know on Tuesday, January 21:

The US Dollar Index (DXY) accelerated its decline and receded to new two-week lows in the sub108.00 region on Monday. Absent relevant data releases on Tuesday, investors are expected to remain focused on announcements from the Trump administration.

EUR/USD climbed strongly and hit two-week peaks just beyond 1.0400 the figure in response to the generalised bid bias in the risk-associated universe. The Economic Sentiment tracked by the ZEW Institute in Germany and the broader Euroland are due, along with an ECOFIN meeting.

GBP/USD reclaimed the area above the key 1.2300 barrier in reponse to the intense sell-off in the Greenback on Monday. The main attraction in the FX world will be the publication of the UK labour market report.

Further repricing of rate hikes by the BoJ lent support to the Japanese yen and sparked a deeper retracement in USD/JPY, this time approaching the 155.00 mark. The Balance of Trade results will be the next salient event in Japan on January 23 seconded by weekly Foreign Bond Investment figures.

Surprisingly, AUD/USD traded on the defensive on Thursday, briefly breaking below the 0.6200 support despite the inconclusive Dollar and a solid jobs report in Oz. Next on tap Down Under will be the release of the Westpac Leading Index in December.

Prices of WTI sold off to multi-day lows and pierced the $76.00 mark per barrel as traders kept weighing potential developments from the Trump administration.

Prices of Gold resumed their move higher on Monday, maintaining the trade above the key $2,700 mark per ounce troy. Silver prices met support around the key 200-day SMA amid quite a positive start to the week.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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USD/JPY Price Forecast: Continues to hold key support level around 152.00The USD/JPY pair trades 0.27% higher to near 153.70 during the European trading session on Wednesday.
Author  FXStreet
13 hours ago
The USD/JPY pair trades 0.27% higher to near 153.70 during the European trading session on Wednesday.
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Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP face downside risk as bears regain control Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.
Author  FXStreet
17 hours ago
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.
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Gold declines to near $4,850 as low liquidity, easing tensions weigh on demandGold price (XAU/USD) attracts some sellers to around $4,860 during the early Asian trading hours on Wednesday. The precious metal falls amid thin holiday trading, with much of Asia closed for the Lunar New Year.
Author  FXStreet
21 hours ago
Gold price (XAU/USD) attracts some sellers to around $4,860 during the early Asian trading hours on Wednesday. The precious metal falls amid thin holiday trading, with much of Asia closed for the Lunar New Year.
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EUR/USD Forecast: Euro weakens as risk mood soursEUR/USD struggles to find a foothold and trades at a fresh weekly low below 1.1850 after closing in negative territory on Monday. In the absence of high-impact data releases, the risk-averse market atmosphere could make it difficult for the pair to stage a rebound.
Author  FXStreet
Yesterday 08: 55
EUR/USD struggles to find a foothold and trades at a fresh weekly low below 1.1850 after closing in negative territory on Monday. In the absence of high-impact data releases, the risk-averse market atmosphere could make it difficult for the pair to stage a rebound.
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Gold weakens as USD uptick and risk-on mood dominate ahead of FOMC MinutesGold (XAU/USD) attracts some follow-through selling for the second straight day and slides to the $4,922 area during the Asian session on Tuesday amid thin liquidity on the back of the Lunar New Year holidays in China.
Author  FXStreet
Yesterday 05: 58
Gold (XAU/USD) attracts some follow-through selling for the second straight day and slides to the $4,922 area during the Asian session on Tuesday amid thin liquidity on the back of the Lunar New Year holidays in China.
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