Forex Today: Dollar eases ahead of relevant events elsewhere

FXStreet Team FXStreet

Here is what you need to know on Tuesday, January 23rd:

The Pound was the best performer, while CAD was the worst. The Sterling was supported by the CBI Industrial Trends Survey on Orders, which came in at -22, improving from -28 and beating the market’s expectation of -23. Sub-components showed stronger signs of improvement in the manufacturing sector.
The UK House of Lords approved the Brexit Bill. PM Johnson said he was confident a deal could be achieved with the EU before year-end.
The Canadian dollar plummeted with the BOC’s monetary policy announcement, as the central bank opened doors for a rate cut.
The EUR/USD pair traded lifeless below 1.1100, extending its January decline by a few pips to a 1.1069. Market players are waiting for the ECB Monetary Policy meeting this Thursday.
The Australian dollar continued to weaken despite the dollar’s negative tone. Australia to release employment and inflation data up next.
Crude oil prices fell for a third consecutive day, and settled at fresh 2020 lows, weighed by oversupply concerns.
Crypto Today: Bitcoin breakout imminent

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FXStreet Team

FXStreet

EUR/USD tests nine-day EMA support near 1.1850

EUR/USD inches lower during the Asian hours on Monday, trading around 1.1870 at the time of writing. The 14-day Relative Strength Index momentum indicator at 56 stays above the midline, confirming improving momentum. RSI has cooled from prior overbought readings but stabilizes above 50, suggesting dips could stay limited before buyers reassert control.

GBP/USD flat lines as traders await key UK macro data and FOMC minutes

The GBP/USD pair kicks off a new week on a subdued note and oscillates in a narrow range, just below mid-1.3600s, during the Asian session. Moreover, the mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold slides below $5,000 amid USD uptick and positive risk tone; downside seems limited

Gold attracts fresh sellers at the start of a new week and reverses a part of Friday's strong move up of over $150 from sub-$4,900 levels. The commodity slides back below the $5,000 psychological mark during the Asian session, though the downside potential seems limited amid a combination of supporting factors.

Bitcoin, Ethereum and Ripple consolidate within key ranges as selling pressure eases

Bitcoin and Ethereum prices have been trading sideways within key ranges following the massive correction. Meanwhile, XRP recovers slightly, breaking above the key resistance zone. The top three cryptocurrencies hint at a potential short-term recovery, with momentum indicators showing fading bearish signs.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.