European Monetary Union Consumer Price Index (MoM) came in at -0.5% below forecasts (0.2%) in January

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GBP/USD retreats below 1.4000, UK/US PMIs in focus

GBP/USD trims early Asian recovery gains while trading below 1.4000. UK Chancellor Sunak is up for £5 billion grants to businesses. US FDA approved Johnson & Johnson’s one-shot vaccine. UK/US PMIs eyed.


EUR/USD trims gains below 1.2100 ahead of German CPI

EUR/USD erases gains, having faced rejection at 1.2100 in early Asia. Weak German CPI would underscore the Fed-ECB divergence. The EUR may find bids if the ECB takes on the bond market.


Dogecoin on the verge of a 50% breakout

Dogecoin price is consolidating in a descending triangle pattern, hinting at a 50% breakout soon. DOGE has slid below the support provided by the 50, 100, and 200 four-hour moving averages indicating a lack of buyers.

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Gold needs acceptance above $1751 to unleash further recovery gains

Gold (XAU/USD) is struggling to extend its recovery above $1750, having hit eight-month lows of $1717 last Friday. The non-yielding gold booked the biggest monthly loss since late 2016 in February after the sell-off in global bonds sparked a rally in the yields. 

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Dollar Index: Bull reversal pattern on the weekly chart

The dollar index looks north, with the weekly chart showing a falling wedge breakout, a bullish reversal pattern, and a bullish divergence of the Relative Strength Index. Essentially, the DXY's sell-off from the March 2020 high of 102.99 has ended, and the bulls look to have regained control. 

US Dollar Index News