Forex Today – Asian Session: Dollar Consolidates Friday Gains as Investors Wait for New Catalyst

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What you need to know on Tuesday, January 18:

The week started in slow motion, with little action on the FX board. Chinese data released earlier in the day provided a modest boost to high yield assets, which reversed course during European trading hours. US markets were closed for the Martin Luther King Day celebration, with stocks and bonds virtually silent.

EUR/USD is trading a handful of pips above 1.1400, while GBP/USD hovers around 1.3650. The USD/JPY pair managed to post a modest intraday advance and closed around 114.60 helped by the positive tone in Asian and European equities.

AUD/USD is unchanged around 0.7210, while USD/CAD is down as low as 1.2520. Commodities remained within familiar levels, with gold trading at $1,818 a troy ounce and WTI consolidating at $83.70 a barrel.

Market participants continue to look for yields, reflecting inflation-related concerns, and stocks for directional clues. Later in the week, the EU will publish the final reading of December’s inflation figures. The European Central Bank still maintains a wait-and-see stance on inflation, hoping that price pressures will ease without its intervention, and currently maintains ultra-loose financial support.

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