Forex Today: Sour mood keeps favoring the dollar
|Here is what you need to know on Tuesday, January 19:
It was a dull start to the week, but the dollar maintained its dominance, posting modest gains against most of its rivals. A scarce macroeconomic calendar was exacerbated by a holiday in the US, while investors await for Joe Biden’s inauguration on Wednesday and the ECB’s monetary policy decision on Thursday.
The EUR/USD pair fell towards the 1.2050 area and is at risk of extending its decline. The pound was also under pressure amid weekend coronavirus-related news. However, Nadhim Zahawi, the Minister for COVID Vaccine Deployment, said that everyone in the UK would be offered a vaccine by September.
Gold fell towards 1,800 at the weekly opening, but bounced back quite fast, to settle around $ 1,838.00 a troy ounce. The level is a critical line in the sand.
Crude oil prices edged marginally lower, following the lead of the equities, which traded with a poor tone. Wall Street was closed due to a US holiday. Futures posted modest intraday gains.
Bitcoin price shows ambiguity as a 30% move is underway according to technicals
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