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Australia Wage Price Index (QoQ) in line with forecasts (0.8%) in 3Q
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FXStreet Team
FXStreet
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The EUR/USD pair soared in the last week of January, hitting a multi-year high of 1.2082 before finally retreating and trimming most of its weekly gains to settle around the 1.1900 level. The US Dollar gapped lower on Monday, on headlines suggesting the United States intended to intervene in the Japanese Yen.
Selling pressure remains on the rise, dragging GBP/USD back towards three-day lows around 1.3720-1.3710 at the end of the week. Cable’s retracement reflects a firmer rebound in the Greenback as investors digest Trump’s announcement of the next Fed chair.
Gold price tumbles to around $4,780 during the early Asian session on Monday. The precious metal extends the decline after reaching historic highs last week amid signs of political stability in the United States. Traders will take more cues from the US ISM Manufacturing Purchasing Managers Index report later on Monday.
Significant market moves keep investors on their toes. Trump has been the primary source of volatility, mainly when targeting the Fed. Pivotal US data releases next week as markets adjust to potential Warsh Fed nomination. RBA, BoE and ECB meet next week; decent chances of surprises across the board. Dollar/Yen prepares for February 8 elections; gold experiences its first substantial correction.
Central banks across both G10 and emerging markets met this week, with most opting to keep policy rates unchanged. Canada, Sweden, Brazil and Chile all held rates steady. Beyond central bank decisions, the Eurozone's solid Q4 GDP growth bolstered the case for the ECB to keep policy rates unchanged next week.
Bitcoin, Ethereum, and Ripple continued their corrections on Friday, posting weekly losses of nearly 6%, 3%, and 5%, respectively. BTC is nearing the November lows at $80,000, while ETH slips below $2,800 amid increasing downside pressure.
