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Forex Today: Will the BoJ catch markets off guard again?

Source Fxstreet

The Greenback traded well on the defensive on Thursday as investors continued to wait for further clarity on recent announcements by President Trump, particularly regarding tariffs.

Here is what you need to know on Friday, January 24:

The US Dollar Index (DXY) retreated markedly, revisiting the lower end of the weekly range near 107.60 as investors continued to look at Trump’s announcements. The flash S&P Global Manufacturing and Services PMIs will grab all the attention seconded by Existing Home Sales and the final Michigan Consumer Sentiment print.

EUR/USD resumed its uptrend above the 1.0400 mark, rapidly leaving behind Wednesday’s hiccup. The preliminary HCOB Manufacturing and Services PMIs in Germany and the euro area will be at the centre of the debate along with speeches by the ECB’s Lagarde and Cipollone.

GBP/USD saw a decent recovery to the 1.2380 zone, retesting the area of recent two-week tops. The CBI Distributive Trades, the GfK’s Consumer Confidence, and the advanced S&P Global Manufacturing and Services PMIs will be in the spotlight across the Channel.

USD/JPY resumed its decline and revisited once again the proximity of the 156.00 region. The BoJ meeting will be the salient event, seconded by the publication of Japan’s Inflation Rate and the flash Jibun Bank Manufacturing and Services PMIs.

AUD/USD added to Wednesday’s irresolute price action and revisited the boundaries of the 0.6300 area in response to the weaker tone in the Greenback.

WTI prices extended their bearish trend and approached the $74.00 mark per barrel, challenging at the same time the key 200-day SMA.

After three daily advances in a row, Gold prices traded in a volatile fashion and managed to recoup part of the daily losses towards the end of the day, flirting with the $2,760 zone. Silver prices dropped to weekly lows near the $30.00 mark per ounce, a region also coincident with the key 200-day SMA.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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