Broker of the Week Oanda - Read Full Review

Free Top Brokers Comparison Service


Markets cheer Biden’s first moves, ECB, jobless claims eyed


Here is what you need to know on Thursday, January 21:

Markets have positively greeted President Biden’s first moves in office amid high hopes of fiscal stimulus. The ECB is set to follow the BOJ to leave rates unchanged. After Australia reported upbeat jobs figures, weekly US Unemployment Claims are eyed. 

President Joe Biden entered the White House and signed a long list of Executive Orders, such as canceling the Keystone XL pipeline – as expected and already priced into the loonie. The administration said it aimed to reach a bipartisan agreement on the covid relief plan worth $1.9 trillion. 

More President Joe Biden: The Markets And The First 100 Days

The S&P 50 Index 500 reached new highs around the inauguration and is on course to continue higher on Thursday. The safe-haven US dollar is edging lower, especially against commodity currencies. Gold broke out of range and has topped $1870. 

Christine Lagarde, President of the European Central Bank, may issue a warning about the euro’s high exchange rate in her first rate decision of the year. The ECB is set to leave its policy unchanged and discuss weak inflation, the current damage from the virus, and prospects for the rest of the year. 

See ECB Preview: Lagarde may trigger a “buy the dip” opportunity by trying to talk down the euro

GBP/USD has been trading around 1.37 as coronavirus deaths hit new highs in the UK, but cases are falling. 

The Bank of Japan stayed put as expected, marginally upgrading its growth forecast for fiscal 2021. 

USD/CAD is trading closer to 1.26 after the Bank of Canda upgraded its growth forecasts and hinted that it could taper its bond-buying scheme if the economy grows rapidly. WTI Crude Oil is stable at around $53.

Australia reported an increase of 50,000 positions in December, and the unemployment rate dropped to 6.6%, better than estimated. AUD/USD is advancing toward 0.78, underpinned by the weakening USD.

Top commodities to trade during 2021 amid global reflation theme: Silver and copper to outshine gold price

Apart from the ECB, the US jobless claims are of high interest after their disappointing leap last week. They are expected to retreat from near one million.

See US Initial Jobless Claims Preview: Waiting for the second recovery

Cryptocurrencies: Bitcoin has been on the back foot, sliding below $35,000. Ethereum is also struggling. 


Source link

We will be happy to hear your thoughts

      Leave a reply

      Trading foreign exchange on margin carries a HIGH LEVEL OF RISK, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose.

      Advertiser Disclosure: helps investors across the globe by spending over hours each month testing and researching online brokers.

      How do we make money? Our partners compensate us through paid advertising.

      While partners may pay to provide offers or be featured, e.g. exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site.

      Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data.

      Disclaimer: It is our organization’s primary mission to provide reviews, commentary, and analysis that are unbiased and objective.

      While has some data verified by industry participants, it can vary from time to time.

      Operating as an online business, this site may be compensated through third-party advertisers.

      Our receipt of such compensation shall not be construed as an endorsement or recommendation by, nor shall it bias our reviews, analysis, and opinions.

      Best Forex Brokers Reviews
      Reset Password
      Compare items
      • Total (0)