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The Week Ahead – US jobs data to kick off volatility

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EURUSD waits for a new catalyst

EURUSD

A strong ECB supports the euro. For the most traded currency pair, the new year’s theme would be how fast the ECB will close the monetary policy gap. Traders ignore concerns about rising energy prices and high borrowing costs.

European policymakers’ shift to a tough line on inflation and raising rates quickly has led to a broad recovery of the single currency, compounding tempered expectations of the Fed’s hike intensity. Markets are looking for a catalyst following the holiday lethargy. FOMC minutes, nonfarm payroll and other FOMC minutes could help to spark a breakout. 1.0800 It is a key resistance. 1.0450 Support.

USDCAD steadys as market remains risk-off

USDCAD

A fragile market mood causes the Canadian dollar to soften. It is still struggling, and continues to face many headwinds. Risk assets are under pressure because of cautious sentiment and slow oil prices. As investors brace for macroeconomic uncertainties in 2023, they may choose to stick with the greenback’s safer appeal at the expense of the risk-sensitive Canadian dollar, while the Fed’s relative hawkish stance could help the former prevail. This dual job data…



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