Categories: Markets

Forex Today: Quiet Start to Big Central Bank Week

This is what you need to know to trade today monday january 30:

Markets relatively quiet early Monday as investors stay on the sidelines to prepare for central banks’ monetary policy announcements. Following the modest recovery seen in the second half of the previous week, the Dollar Index continues to trade in a narrow channel around 102.00. The 10-year US Treasury yield is holding close to 3.5% and US stock index futures are trading slightly lower. Data on euro zone consumer and business confidence, as well as German GDP figures, will be released on the European morning. The Federal Reserve Bank of Dallas Texas Manufacturing Survey will be published on the US economic agenda.

Data released by the US Bureau of Economic Analysis revealed on Friday that the annual Core Personal Consumption Price Index (PCE) fell to 4.4% in December from 4.7% in November. This reading was in line with market expectations and did not provoke a significant reaction from the markets.

For its part, the Shanghai Composite Index opened modestly higher after a long lull and was last seen holding on to small daily gains. The China Center for Disease Control and Prevention (CDC) recently noted that the current wave of COVID-19 infections was coming to an end, adding that there had been no significant rebound in cases during the Lunar New Year holiday. .

The pair EUR/USD closed the previous week virtually unchanged, slightly below 1.0900. Although the pair rallied a bit in the early trading hours of the Asian session, it is having a hard time picking up any directional momentum. The German economy is expected to register annualized growth of 1.1% in the fourth quarter.

Before the weekend, the pair GBP/USD it failed to move in either direction and ended the week below 1.2400. In the early stages of the European session, the pair remains sideways. Speaking on Friday, UK Chancellor of the Exchequer Jeremy Hunt said the best tax cut would be a “cut to inflation”.

The USD/JPY fell sharply towards 129.00 during Asian trading hours on Monday before recovering to the 129.50 area. Reuters previously reported that a group of academics and business executives have urged the Bank of Japan (BoJ) to make its 2% inflation target a long-term target. The proposal also appeared to include the need for interest rates to rise more in line with economic fundamentals and to normalize the functioning of the Japanese bond market. In the meantime, “I think it is possible to achieve the 2% inflation target, accompanied by wage growth, by continuing the current loose policy,” BoJ Governor Haruhiko Kuroda reiterated earlier in the day.

The price of gold suffered a downward correction and erased its weekly gains in the second half of the week. At time of writing, XAU/USD is posting small daily gains around $1,930.

After a consolidation phase of three days, Bitcoin gained traction and moved towards $24,000 on Sunday. As of this writing, the BTC/USD pair is trading sideways near $23,700. ethereum It was up nearly 5% on Sunday and ended up posting small weekly gains. ETH/USD appears to have come under modest bearish pressure earlier on Monday and is now trading down nearly 1% on the day at $1,630.

Source: Fx Street

Published by

Recent Posts

Russian fighter jet rises over Baltic Sea as two US bombers fly towards border

The Russian Ministry of Defense announced that an SU-35 fighter jet rose above the Baltic…

56 mins ago

The wonderful castle of Downton Abbey victim of Brexit

At Highclere Castle, no one lives the castle life anymore. Famous for being the heart…

2 hours ago

USA: They want Chinese President Xi to pressure Vladimir Putin on Ukraine

THE White House urged yesterday late night (20/3) him Chinese president Xi Jinping to use…

2 hours ago

Ted Lasso Cast Heads to the White House to Talk About Mental Health

the cast of Ted Lasso an original AppleTV+ series, and US President Joe Biden joined…

2 hours ago

Fiorello, the daughter Angelica special guest of Viva Rai 2

A smile, a kiss, a joke. In the episode of Monday 20 March Of Long…

3 hours ago

Lula supporter is suspected of killing Bolsonarist after confusion in bar in MT

Civil Police are investigating the murder of a man in a bar in the district…

3 hours ago