OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex Today: ECB announced strategic review, dollar firmer

Here is what you need to know on Friday, January 24th:

  • Continued concerns about the coronavirus spreading beyond China maintain financial markets in risk-off mode. The dollar benefited from the negative sentiment, particularly against high-yielding assets. Save-havens, on the other hand, were sharply up.
  • The EUR/USD pair fell to a fresh 2020 low of 1.1035, weighed by risk aversion and the ECB Monetary Policy´s outcome. President Lagarde announced a strategic review on inflation policy, the first in over two decades, meant to determine whether the current definition of price stability is still appropriate.
  • GBP/USD eased on the back of the dollar’s strength but held above 1.3100. Brexit meant to happen by month-end, focus on the future relationship between the two economies.
  • Australian employment data gave the Aussie a limited boost at the beginning of the day, but risk-off and discouraging employment sub-components sent it down against the USD.
  • Crude oil prices edged lower, amid fears the OPEC+ won’t extend cuts. Prices recovered some ground after the EIA report showed a decline in US stockpiles.
  • Gold surged toward 1,570, ending the day with gains, although still within familiar levels.
  • Cryptocurrencies continued to retreat, BTC/USD closed at 8,330.

USD/JPY falls to fresh lows, correcting on WHO statement

USD/JPY has tumbled to print fresh lows since failing on the 110 handle, scoring 109.26 and meeting the 200-moving average on the four-hour chart. At
Read more Previous

Fed to hold open meeting on Volcker Rule on 30th January

The Fed is to hold an open meeting on Volcker Rule on 30th January. The Volcker Rule is a federal regulation that generally prohibits banks from condu
Read more Next
Start livechat