Review of the dollar, euro, pound, yen, qiwi and gold prices for January 26, 2021


EUR / USD

The European currency is slightly declining against the US dollar during today’s Asian session, developing the corrective impulse formed the day before. Market sentiment remains quite alarming, given the negative macroeconomic background in Europe. On the eve it became known that the French authorities, where the curfew is currently maintained, are considering the possibility of introducing additional quarantine restrictions in an attempt to curb the increase in the incidence of COVID-19. Statistics from Germany put additional pressure on the single currency on Monday. Thus, the index of business optimism from IFO in January fell from 92.2 to 90.1 points with the forecast of a fall to 91.8 points. The index of economic expectations for the same period corrected from 93 to 91.1 points, contrary to the expected growth to 93.2 points.

GBP / USD

The British pound again declines against the US currency in trading this morning session, testing the 1.3650 mark for a breakdown. The pressure on the position of the instrument remains against the background of a difficult epidemiological situation in the country, which has not yet been stabilized by the vaccination campaign. Against this backdrop, investors are discussing possible actions by the Bank of England to further support the national economy. We are talking about negative rates, but analysts agree that this will be one of the “extreme” measures and nothing of the kind should be expected in the near future. The focus of traders on Tuesday is the UK labor market report for November and December. The country’s unemployment rate is expected to continue to rise, which can be partially offset by an increase in average wages.

NZD / USD

The New Zealand dollar has returned to its decline against the US currency during today’s Asian session, offsetting moderate gains on Monday, when the market was dominated by corrective sentiment. Investors are quite optimistic about the statistics on morbidity in the United States, where for the first time in a long time there have been stable positive trends. It is expected that the state of California will soon be able to lift the self-isolation order, allowing the business to return to work. In general, the situation with the coronavirus remains very difficult, especially given the current state of affairs in Europe. The volume of vaccination of the population is still too small to significantly affect the statistics, however, there are certain reasons for optimism here too. Macroeconomic data from New Zealand provided some support to the instrument on Tuesday. Thus, the index of activity in the service sector from Business NZ in December rose from 46.7 to 49.2 points, almost reaching the psychological mark of 50 points.

USD / JPY

The US dollar demonstrates a slight increase in pairing with the Japanese yen, maintaining a weak upward momentum that formed at the end of the last trading week. Some support for the tool is provided by the improvement of the epidemiological background in the United States, which, possibly, will allow in the near future to adjust the policy of restrictive measures towards mitigation. In addition, investors are noticeably encouraged by the prospect of the presidency of Joe Biden, who has already signed a number of important bills, and also announced a new package of measures to support the national economy in the amount of $ 1.9 trillion. Macroeconomic statistics from Japan provided slight support to the Japanese yen today. Thus, prices for corporate services in December decreased by 0.4% y / y, after a decrease by 0.6% y / y. Analysts had expected the index to fall by 1.3% y / y.

XAU / USD

Gold prices are showing flat dynamics in today’s trading, consolidating near the 1855.00 mark. On the eve, the instrument was demonstrating an attempt to decrease, reacting to a short-term strengthening of the positions of the American currency. Additional pressure on gold’s position was exerted by statistics on the incidence of COVID-19 in the United States, which for the first time in a long time shows a steady decline. However, closer to the close of the afternoon session, the asset managed to win back the lost positions, having strengthened in anticipation of the Fed meeting on Wednesday. In addition, gold is supported by the expectation of the introduction of new stimulus measures for the US economy in the amount of $ 1.9 trillion, which was previously announced by US President Joe Biden.

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