Forex Today: Dollar recovers post-Retail Sales

FXStreet Team FXStreet

Here is what you need to know on Friday, January 17th:

The American currency remained weak, until the release of US Retail Sales. The headline reading matched the market’s expectations, but core readings were upbeat, triggering renewed dollar demand. The EUR/USD pair finished the day in the red around 1.1130.
UK PM Johnson’s spokesman confirmed that the Brexit transition period would not be extended further. German Chancellor Angela Merkel said that Brexit urges the block to respond by becoming more competitive. GBP/USD extended its advance toward 1.3100, settling at around 1.3070.
The USD/JPY pair recovered the 110.00 level with US Retail Sales but remained below its weekly high.
Gold edged lower, while crude oil prices posted modest gains, with commodities holding within familiar levels.
Wall Street added to its latest gains, major indexes once again hit record lows.
Crypto Today: Bitcoin bulls give up control for now

Author

FXStreet Team

FXStreet

EUR/USD faces next resistance near 1.1930

EUR/USD has surrendered its earlier intraday advance on Thursday and is now hovering uncomfortably around the 1.1860 region amid modest gains in the US Dolla. Moving forward, markets are exoected to closely follow Friday’s release of US CPI data.

GBP/USD inching closer to 1.36

The Pound Sterling edged higher to 1.3640 on Thursday, recovering from an earlier pullback after stronger-than-expected US jobs data initially weighed on the pair. The Bank of England held rates at 3.75% at its February 4 meeting in a narrow 5-4 vote split, with four members preferring a 25 basis point cut to 3.50%.

Gold falls to near $4,900 as selling pressure intensifies

Gold price faces some selling pressure around $4,910 during the early Asian session on Friday. The yellow metal tumbles over 3.50% on the day, with algorithmic traders appearing to amplify the precious metal’s sudden drop. Traders will closely monitor the release of the US Consumer Price Index inflation report for January, which will be released later on Friday.

Ripple collaborates with Aviva Investors to tokenize funds as XRP interest declines

Ripple (XRP) exhibits subtle recovery signs, trading slightly above $1.40 at the time of writing on Thursday, as crypto prices broadly edge higher. Despite the metered uptick, risk-off sentiment remains a concern across the crypto market, as retail and institutional interest dwindle.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Aster Price Forecast: Demand sparks on Binance Wallet partnership for on-chain perpetuals

Aster is up roughly 9% so far on Thursday, hinting at the breakout of a crucial resistance level. Aster partners up with Binance wallet for the second season of the on-chain perpetuals challenge.