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market review 13 January 21

13 January 21

Bond demand downs the dollar, Fed speeches, inflation data, and coronavirus news eyed

The US dollar is on the back foot after a bond auction drew high demand, consequently pushing yields lower. Markets seem content with the Fed’s reluctance to taper its Quantitative Easing scheme. US inflation and a speech by the ECB’s Lagarde stand out on Wednesday. Coronavirus and vaccine headlines are eyed.
US ten-year Treasury yields are hovering around 1.12%, down from a peak above 1.18%. The decline – which carried the greenback lower – came after investors showed robust demand for new ten-year bonds in Tuesday’s auction. A 30-year bond offering is eyed on Wednesday as the dollar remains sensitive to returns.
US Consumer Price Index figures are set to show a pickup in inflation in December, also feeding into the Federal Reserve’s calculations.
German officials warned that the current lockdown will probably run beyond the current expiry date of February 1 amid rising infections. Italy’s government is on the verge of collapse after former Prime Minister Matteo Renzi threatened to leave the coalition amid disagreements over budgets.
EUR/USD is holding onto gains above 1.2215 despite these developments. Christine Lagarde, President of the European Central Bank, speaks later in the day.
Brexit: The EU and the UK are set to return to the negotiating table to discuss topics left untouched in the trade deal, most important financial services.
Britain’s vaccination campaign ramp-up is bearing fruit, with some 4% of the population receiving at least one jab. UK hospitals are under growing strain, including increased use of ventilators.
GBP/USD jumped on Tuesday after Bank of England Governor Andrew Bailey downplayed setting negative interest rates by calling them “controversial.”

EUR/USD, “Euro vs US Dollar”

After forming a new consolidation range below 1.2180 and breaking it to the upside, EURUSD is still correcting with the short-term target at 1.2222. Later, the market may resume trading downwards to test 1.2180 from above and then start another growth to complete the correction at 1.2230. After that, the instrument may form a new descending structure with the target at 1.2111.

GBP/USD, “Great Britain Pound vs US Dollar”

After breaking 1.3570 to the upside, GBPUSD is still growing towards 1.3694. Later, the market may start another decline to break 1.3570 and then form a new descending structure with the target at 1.3451.

AUD/USD, “Australian Dollar vs US Dollar”

After completing the ascending wave at 0.7770, AUDUSD is consolidating around this level. If later the price breaks this range to the downside, the market may form a new descending structure to break 0.7713 and then continue trading downwards with the short-term target at 0.7650.

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