Last week the employment data further solidified the bullish USD momentum after the strong employment reports, this week the CPI inflation and retail sales should extend the momentum.
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Last week started with Services PMI data from Europe which showed a slight improvement in this sector, followed by a jump in inflation for December, but that didn’t help the Euro much, with EUR/USD ending the week near the lows above 1.02. But that’s also due to the USD strength, after a retreat on Monday, following rumours that Donald Trump would not impose heavy tariffs. Stock markets also ended the week lower, after Monday’s jump.
On Tuesday the ISM services and the JOLTS job openings gave the USD a lift, coming on the strong side, while on Wednesday the Unemployment Claims came on the low side. The FOMC minutes from the last meeting didn’t offer anything new. on Friday, the Canadian and US employment reports were strong again, with the NFP coming around 100K above expectations, while the Unemployment Rate ticked lower to 4.1%, which further helped the USD, showing that the employment sector is in good shape.
Today’s Market Expectations
This week the attention will be on the US retail sales and CPI and PPI inflation data for December, which can further solidify the bullish momentum in the USD or retrace it lower. However, we have the CPI inflation and GDP reports from the UK as well, and the employment data from Australia.
Last week the USD started it on the back foot after the rumours for no tariffs, but on Tuesday the price action reversed and the USD resumed the larger uptrend, which made it easier for traders. We opened 28 trading signals in total, closing it with 20 winning forex signals and 8 losing ones.
Gold Consolidates Above the 50 Daily SMA
In December, gold experienced a sharp $100 decline after failing to break the key resistance level of $2,725. The 50-day SMA acted as resistance late last week, but buyers returned when the price dipped below the 100-day SMA. Despite a modest recovery, gold initially struggled to rise above the 50-day SMA. However, on Wednesday, buyers managed to push the price above this level, and by yesterday, gold had stabilized above the 50-day SMA.
XAU/USD – Daily Chart
GBP/USD Breaks Below 2024 Low
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The GBP/USD pair saw a significant downturn in October, dropping below all key moving averages on the daily chart and losing over 12 cents overall. Yesterday, the pound extended its losses, falling more than a cent and closing below 1.23, marking a fresh low for 2024.
GBP/USD – Daily Chart
Cryptocurrency Update
Bitcoin Falls to the Support Zone Above $90K
BTC/USD – Daily chart
Ethereum Approaches the $4,000 Level Again
Ethereum’s price movements were even more dramatic. It surged from $3,000 to nearly $4,000 midweek but then stalled and dropped below $3,500. Over the past two weeks, Ethereum managed to recover some of its losses, finding solid support around the 50-day SMA. Despite this recovery, renewed bearish sentiment caused Ethereum to slip below $3,500 again, and by yesterday, it had declined further to $3,200.
ETH/USD – Weekly Chart
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