Home Article Market News BIAS FOR EACH CURRENCY ON 25 JANUARY 2021

BIAS FOR EACH CURRENCY ON 25 JANUARY 2021

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🇺🇸 USD – BEARISH
1️⃣ Renewed hopes of further stimulus in the US. President Joe Biden’s top economic official held a call with 16 senators on Sunday to discuss the $1.9 trillion coronavirus-aid plan presented by the new US President.

🇬🇧 GBP – BULLISH
1️⃣ Supported by the UK’s progress in rolling out vaccines and as optimism of a $1.9 trillion fiscal stimulus plan to help revive the US economy sent the dollar to a 2-week low.

🇪🇺 EUR – BEARISH
1️⃣ Worries about record Covid-19 infections and hospitalizations, a slow vaccination rollout and delays in vaccine supplies offset prospects of further stimulus in the US.
2️⃣ The Ifo Business Climate indicator for Germany fell to 90.1 in January of 2021 from an upwardly revised 92.2 in the previous month, below market forecasts of 91.8.

🇳🇿 NZD – BULLISH
1️⃣ Risk sentiment received a boost from President Biden’s previously announced US$1.9 trillion coronavirus plan, despite lawmakers from both parties lobbying White House officials for a more targeted relief bill.
2️⃣ Positive risk tone support the antipodeans.

🇨🇦 CAD – BULLISH
1️⃣ The Bank of Canada left key rates at record low levels and pledged to continue supporting the economy with its QE programme of at least $4 billion per week.
2️⃣ Policymakers also painted a brighter outlook for 2022 due to vaccine rollout, fiscal stimulus, stronger foreign demand and higher commodity prices.

🇦🇺 AUD – BULLISH
1️⃣ Optimism that the new US administration would pass a promised $1.9 trillion in fiscal aid. Locally, sentiment was lifted as the Therapeutic Goods Administration, the country’s medical regulator, provisionally approved the Pfizer COVID-19 vaccine for use in Australia.
2️⃣ Positive risk tone support the antipodeans.

🇯🇵 JPY – BEARISH
1️⃣ Traders weighed the prospects of US President Joe Biden’s previously announced US$1.9T fiscal stimulus package after facing blowback from lawmakers, some of whom pushed for a smaller plan targeting vaccine distribution.
2️⃣ The risk-on tone weighing on the safe-havens JPY.

🇨🇭 CHF – BEARISH
1️⃣ The risk-on tone weighing on the safe-havens CHF.

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