The Canadian Dollar (CAD) slumped back into familiar multi-year lows on Friday, sending USD/CAD back above the 1.4400 handle and keeping the Loonie at its lowest bids since the pandemic era.
In my daily analysis of the USD/CHF pair, I recognize that we are drifting a little bit lower but it’s probably worth noting that the market is in the midst of a major hammer from the previous session.
The AUD/USD pair falls sharply to near 0.6180 in Friday’s North American session. The Aussie pair slumps as the US Dollar (USD) gains ground after a three-day losing streak.
The Euro extended its gains versus the Pound Sterling on Friday, posting back-to-back bullish bars and climbing above the crucial 200-day Simple Moving Average (SMA) at 0.8425.
Retail sales in the UK unexpectedly fell in December. Data on Thursday showed a smaller-than-expected increase in retail sales.
All focus is on Trump’s inauguration next week.
China’s economy grew at an annualized rate of 5.4% in the fourth quarter of 2024, accelerating from 4.6% in the third quarter and beating expectations of 5%.
EUR/USD wobbles around 1.0300 as investors shift focus to the US President-elect Donald Trump’s inauguration ceremony. Trump is expected to release policies on raising tariffs and lowering taxes soon after re-joining the White House.
Market participants eagerly await Trump’s inauguration. Trump has proposed import tariffs of at least 10% on all imported goods.
Data on Thursday revealed a smaller-than-expected increase in US retail sales.
Before the start of the January 13 2025 trading week we called for USDCAD to make a move lower first and terminate the wave ((ii)) which will then be followed by a rally higher.
GBP/JPY weakened as the UK Retail Sales reported an unexpected 0.3% MoM decline in December. The Pound Sterling faced challenges as UK GDP fell short of the anticipated growth in November.
EUR/GBP rises to near 0.8450 in Friday’s early European session, adding 0.30% on the day. The UK Retail Sales declined 0.3% MoM in December, weaker than expected. The ECB emphasised gradual rate cuts amid economic uncertainties.
The dollar strengthened overnight as the MSCI Asia Pacific Index ended its three-day winning streak as investors paid little attention to China's report of its fastest economic growth in six quarters.
The US Dollar Index (DXY), which tracks the US Dollar’s (USD) performance against six major currencies, halts its four-day losing streak, trading near 109.10 during the Asian hours on Friday.
The EUR/USD pair weakens to near 1.0290 during the early European session on Friday. The expectation of further rate cuts by the European Central Bank (ECB) drags the Euro (EUR) lower against the Greenback.
