Forex Today: US data and Trump dictate the sentiment in the FX galaxy
The US Dollar regained some balance and managed to set aside part of the weekly pullback as market participants continued to assess headlines around Trump 2.0.
Here is what you need to know on Thursday, January 23:
The US Dollar Index (DXY) clawed back some gains, although a move above the 108.00 hurdle appeared elusive for the time being. The usual weekly initial Jobless Claims take centre stage, seconded by the EIA’s report on US crude oil inventories.
EUR/USD’s upside momentum lost some impetus in the area of multi-week peaks north of 1.0400 the figure. The European Commission will publish its advanced Consumer Confidence gauge for the month of January.
GBP/USD traded on the back foot in response to the modest uptick in the Greenback. The CBI Business Optimism Index and the CBI Industrial Trends Orders will be in the spotlight.
USD/JPY maintained its weekly choppiness well in place, this time surpassing the 156.00 barrier as investors kept warming up for the BoJ meeting on January 24. The Balance of Trade results come next, followed by weekly Foreign Bond Investment prints.
Another inconclusive session left AUD/USD hovering around the vicinity of the key 0.6300 area. The preliminary S&P Global Manufacturing and Services PMIs will grab all the attention in Oz.
Prices of WTI extended their leg lower and flirted once again with the $75.00 region per barrel as investors continued to adjust to Trump’s policies.
Prices of Gold advanced for the third session in a row, surpassing $2,760 per ounce troy amid persistent uncertainty surrounding President Trump’s announcements. Silver prices met some selling pressure after faltering just ahead of the key $31.00 mark per ounce.
Author
Pablo Piovano
FXStreet
Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.
