The US government is planning to re-open its aid program for small businesses. This program includes $284 billion of funds is directed to the businesses in most need. Elsewhere The FBI reports that armed Trump supporters are planning to arrange demonstrations at all 50 state capitols in the US. Demonstrations are to take place on 20th January, the day of the inauguration of Joe Biden as president. BBC reports that “up to 15,000 National Guard troops could be made available to fortify the event”. Should violence erupt on a larger scale in the US it’d likely to be negative for stocks and support safe-haven assets such as gold. Today’s calendar has only one important risk event. UK Monetary Policy Committee member Broadbent speaks. The main risk event this week is the release of US retail sales figures on Friday. See our economic calendar for times and details. By reading further you agree with our disclaimer at the bottom of this page and acknowledge that we do not provide investment advice.

USD strength continued in yesterdays trading and caused EURUSD to slide. Technically the pair is still trending lower even though there has been a loss of momentum above 1.2129 support level. A decisive move above 1.2174 would change the technical picture (for intraday traders). If this resistance could be cleared the 50% Fibonacci retracement level at 1.2208 could come into play. The failure of the latest rally (within the last hour) is in line with the bearish picture in higher timeframes. There has been a loss of momentum over the last two weeks in EURUSD. This is bearish and could lead to either the pair sliding further or rallies failing at or nearby resistance levels. The key support and resistance levels in the pair are 1.2058, 1.2105, 1.2129, 1.2152 and 1.2282. USDJPY and USDCHF are trading near resistance levels. XAUUSD has broken the 1855.60 resistance which suggests strength in gold in today’s trading.  Open a VIP Black account with us. There are no per trade execution or monthly fees on our VIP Black accounts.

Recent macroeconomic data releases

  • Canadian Ivey PMI 46.7, 53.1 expected
  • US ISM Services PMI 57.2, 54.5 expected
  • Canadian Employment Change -32.5K expected
  • Canadian Unemployment Rate 8.7% expected
  • US Average Hourly Earnings 0.2% expected
  • US Non-Farm Employment Change 60K expected
  • US Unemployment Rate 6.8% expected
  • Canadian Employment Change -62.5, -32.5K expected
  • Canadian Unemployment Rate 8.6%, 8.7% expected
  • US Average Hourly Earnings 0.8%, 0.2% expected
  • US Non-Farm Employment Change -140K, 60K expected
  • US Unemployment Rate 6.7%, 6.8% expected

Important macroeconomic data releases this week

  • UK Monetary Policy Committee member Broadbent speaks

You may access the times and dates in the economic calendar here.

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Trade Safe!

Janne Muta
Chief Market Analyst
TIOmarkets.com

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