Jan 9, 2020
Forex Today: Dollar retains strength ahead of NFP report
Here is what you need to know on Friday, January 10th:
- The greenback continued to appreciate on the back of easing fears about an escalation in the Middle-East conflict between the US and Iran, despite it was confirmed that the Ukrainian plane was taken down by an Iranian missile. The market showed no reaction to the header, as it was already suspected.
- Encouraging German data put a halt to the EUR’s decline, although the EUR/USD pair remained at the bottom of its weekly range, around 1.1100.
- The GBP/USD pair fell toward the 1.3000 figure following comments from BOE’s Governor Mark Carney. Carney said that the central bank has plenty of room for significant easing, indicating that the bank has the equivalent of 250 basis points of policy space.
- The Australian dollar remains weak, trading near its weekly low against the greenback, unable to take advantage of the continued rally in high-yielding assets.
- Commodities dedicated the day to consolidate, with gold stable around 1,550.00 and US crude oil just below $60.00 a barrel.
- Cryptocurrencies started the day with a soft tone but trimmed most of their intraday losses ahead of the close.