Kantox currency report: dollar pulls back with the market waiting for Trump
The dollar extended its retreat from long –term highs reached last week with the euro and the yen trimming losses as investors await Trump’s presidential speech, due on January the 20th, to get more info about his economic and fiscal stimulus plans.
EUR/USD reaches 1.0600 area. Euro reversal from 1.0620 highs on Friday was contained at 1.0510, and the pair bounced up on Monday to pare losses and return to 1.0600 area. At London market opening times, the EUR/USD is trading at 1.0595.
GBP/USD looking for support at 1.2100 area. The pound fell to fresh 2-month lows at 1.2125 on Monday, weighed by Theresa May’s comments on Brexit negotiations, and is trying to consolidate at those levels. At London market opening times, the GBP/USD is trading at 1.2322.
USD/JPY testing support at 115.00. Dollar recovery attempt from Friday’s lows at 115.00 was capped yesterday at 117.50, and the pair has returned again to 115.00 support level, which, so far, remains intact. At London market opening times, the USD/JPY is trading at 115.95.
In the Calendar Today
We do not have relevant indicators in the calendar today