Home Article Market News BIAS FOR EACH CURRENCY ON 11 JANUARY 2021

BIAS FOR EACH CURRENCY ON 11 JANUARY 2021

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🇺🇸 USD – BULLISH
1️⃣ Soaring Treasury yields sent investors rushing to buy the greenback.
2️⃣ President-elect Joe Biden said Friday he is assembling a multitrillion-dollar relief package that would boost stimulus payments for Americans to US$2,000, extend unemployment insurance and send billions of dollars in aid to city and state governments.

🇬🇧 GBP – BEARISH
1️⃣ The UK government is being pressured to impose additional COVID-19 related restrictions in England amid warnings that the current lockdown measures may not be tough enough.
2️⃣ Investors see policymakers cutting interest rates into negative territory as early as May, with few analysts expecting an even earlier cut, compared with an August estimate made last month.

🇪🇺 EUR – BEARISH
1️⃣ Concerns over rising COVID-19 cases, fresh lockdowns and the slow pace of vaccination.
2️⃣ The ECB said on Thursday that the prospects for the roll-out of vaccines were encouraging but it would “take time” before widespread immunity was reached and the economy could return to normal.

🇳🇿 NZD – BEARISH
1️⃣ Expectations for US additional stimulus measures to help buttress the economy until vaccine rollouts allow for the easing of lockdown measures.
2️⃣ The negative risk tone weighing on the NZD.

🇨🇦 CAD – BEARISH
1️⃣ Declining in oil prices pressured the CAD.
2️⃣ The risk-off tone undermined the commodity-linked currency like the CAD.

🇦🇺 AUD – BEARISH
1️⃣ President-elect Joe Biden said Friday he is assembling a multitrillion-dollar relief package that would boost stimulus payments for Americans to US$2,000, extend unemployment insurance and send billions of dollars in aid to city and state governments.
2️⃣ The AUD was also undermined by resurfacing US-China concerns, this time concerning the Taiwan issue.

🇯🇵 JPY – BULLISH
1️⃣ Concerns about the continuous surge in coronavirus cases and the imposition of strict lockdown restrictions in European/China tempered enthusiasm.
2️⃣ A softer tone in the equity markets, which extended some support to the safe-haven Japanese yen.

🇨🇭 CHF – BULLISH
1️⃣ A slight deterioration in the global risk sentiment might undermine demand for the safe-haven Swiss franc.
2️⃣ Investors turned cautious amid worries about the continuous surge in coronavirus cases and the discovery of new variants of the highly contagious disease.

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