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Unimpressive central banks, dollar in trouble

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Here is what you need to know on Friday, January 22:

The Bank of Japan and the European Central Bank both had monetary policy meetings, but as widely anticipated, left their current policies unchanged, while pledging to continue supporting economies through the pandemic. The announcements have no impact on currencies, with financial markets trading on sentiment.

The dollar was the worst performer, despite the optimism seen at the beginning of the day eased in the American afternoon. Better-than-anticipated US housing and employment figures failed to impress.

EUR/USD hit 1.2172 but settled around 1.2160, unable to surpass a Fibonacci resistance level. GBP/USD extend its rally to a fresh two-year high of 1.3745, holding above 1.3700 by the end of the American session.  

Commodity-linked currencies trimmed most of their intraday gains vs the greenback amid the poor performance of Wall Street. US indexes spent the day mixed around their opening levels, unable to attract investors.

Gold settled at $1,868 a troy ounce, while WTI finished the day around $53.00 a barrel, pretty much unchanged daily basis.

The number of new coronavirus contagions in Europe and the US continues to ease, as vaccine immunization continues in slow-motion. Nevertheless, authorities at both shores of the Atlantic continue to analyze extending or increasing restrictive measures.

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