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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.

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