Forex Today: Data, FOMC should rule the sentiment - FXStreet

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Another firm session of the Greenback put the risk complex under further pressure, sending the USD Index (DXY) to flirt with the upper end of the recent range and EUR/USD to the sub-1.0800 region, all amidst the emergence of usual pre-FOMC cautiousness.

Here is what you need to know on Tuesday, January 30:

The US Dollar Index (DXY) kicked off the new trading week on a robust note, surpassing the 103.80 level ahead of the FOMC gathering and the publication of the Nonfarm Payrolls. However, before those key events emerge, the FHFA’s House Price Index and the Consumer Confidence gauge by the Conference Board are both due on January 30.

EUR/USD accentuated its bearish feeling and broke below the 1.0800 support level to print fresh multi-week lows at the beginning of the week. In the euro docket, the advanced Q4 GDP Growth Rate in Germany and the broader Euroland will take centre stage on January 30.

Across the Channel, Mortgage Approvals and Mortgage Lending figures are due on Tuesday. GBP/USD clinched its third consecutive daily pullback on Monday in response to the solid price action around the greenback.

USD/JPY came under renewed downside pressure following two daily advances in a row and broke below the 148.00 level. The release of the December Unemployment Rate will be the salient event in “The Land of the Rising Sun” on January 30.

Positive prospects from news citing extra stimulus in China continued to prop up the mood around the Aussie dollar, motivating AUD/USD to start the week with decent gains, although still capped by the 0.6600 barrier. On Tuesday, Retail Sales prints should gather all the attention Down Under.

While unabated geopolitical concerns bolstered crude oil prices, demand concerns stemming mainly from China, as well as the potential tighter-for-longer stance by the Fed and the ECB, eventually dragged the commodity to the negative zone on Monday.

Declining US yields encouraged Gold prices to resume their upside, while Silver climbed to multi-day highs backed by China’s stimulus.

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2024-01-29 19:16:23Z
CBMiWmh0dHBzOi8vd3d3LmZ4c3RyZWV0LmNvbS9uZXdzL2ZvcmV4LXRvZGF5LWRhdGEtZm9tYy1zaG91bGQtcnVsZS10aGUtc2VudGltZW50LTIwMjQwMTI5MTkxNNIBXmh0dHBzOi8vd3d3LmZ4c3RyZWV0LmNvbS9hbXAvbmV3cy9mb3JleC10b2RheS1kYXRhLWZvbWMtc2hvdWxkLXJ1bGUtdGhlLXNlbnRpbWVudC0yMDI0MDEyOTE5MTQ

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