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FOREX TODAY: THE MARKETS ARE BEGINNING THE WEEK CAUTIOUSLY.
Abstract：The start of the new week appears to have seen investors take a cautious approach. After ending a three-week losing skid, the US Dollar (USD) Index remains stable at 102.50, while US stock index futures are trading lower. On Monday, retail sales data for November and December business and consumer mood data will be included in the European economic docket.
The start of the new week appears to have seen investors take a cautious approach. After ending a three-week losing skid, the US Dollar (USD) Index remains stable at 102.50, while US stock index futures are trading lower. On Monday, retail sales data for November and December business and consumer mood data will be included in the European economic docket.
What you need know on Monday, January 8 is as follows:
The start of the new week appears to have seen investors take a cautious approach. After ending a three-week losing skid, the US Dollar (USD) Index remains stable at 102.50, while US stock index futures are trading lower. On Monday, retail sales data for November and December business and consumer mood data will be included in the European economic docket.
The December jobs data on Friday gave rise to a strong USD, but the report's underlying details made it difficult for the currency to maintain its upward momentum into the coming week. The Nonfarm Payrolls (NFP) increased by 216,000, much above the market estimate of 170,000, while the Unemployment Rate remained stable at 3.7%. Nonetheless, the Labor Force Participation rate fell to 62.5% from 62.8% in December, while the US Bureau of Labor Statistics reported lower adjustments to the NFP readings for November and October. Following the release of the labor market data and a 1% increase in the USD Index the previous week, the yield on the benchmark 10-year US Treasury note stabilized above 4%.
The US dollar's value during the past week
The US Dollar (USD) percentage movement versus a list of major currencies over the last seven days is displayed in the table below. The US dollar outperformed the Japanese yen in this exchange.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 1.03% | 0.16% | 0.88% | 1.56% | 2.25% | 1.22% | 1.22% | |
| EUR | -0.88% | -0.70% | 0.00% | 0.69% | 1.24% | 0.35% | 0.29% | |
| GBP | -0.18% | 0.70% | 0.72% | 1.39% | 2.16% | 1.03% | 1.00% | |
| CAD | -0.89% | -0.03% | -0.54% | 0.66% | 1.35% | 0.34% | 0.29% | |
| AUD | -1.58% | -0.69% | -1.40% | -0.70% | 0.52% | -0.34% | -0.39% | |
| JPY | -2.28% | -1.24% | -2.05% | -1.18% | -0.50% | -0.89% | -1.10% | |
| NZD | -1.25% | -0.35% | -1.06% | -0.36% | 0.34% | 0.86% | -0.01% | |
| CHF | -1.22% | -0.33% | -1.04% | -0.31% | 0.37% | 1.02% | 0.08% |
The major currencies' percentage movements relative to one another are displayed on the heat map. The quotation currency is selected from the top row, and the base currency is selected from the left column. For example, the percentage change shown in the box will indicate EUR (base)/JPY (quote) if you select the Euro from the left column and proceed along the horizontal line to the Japanese Yen.
Asia's main stock indices opened the new week under bearish pressure. When it was announced late Friday that Chinese wealth management Zhongzhi Enterprise Group had filed for bankruptcy liquidation due to nonpayment of debt, concerns about how the property sector crisis might affect the overall state of the financial system were rekindled. On Monday, the Shanghai Composite dropped 1% while the Hang Seng Index in Hong Kong sank more than 2%.
Following a tumultuous Friday during American market hours, EUR/USD settled around 1.0950 and saw marginal weekly losses. Early on Monday, the pair maintains a comparatively tranquil attitude while varying at weekly closing levels.
The previous week's closing price of GBP/USD was essentially unchanged, and early on Monday, it entered a consolidation period just over 1.2700.
Friday saw a multi-week high of 146.00 for USD/JPY, but during American trading hours, the pair lost all of its day gains. Starting Monday morning, the pair remains vulnerable and trades below 144.50. On Tuesday during the Asian session, the Tokyo Consumer Price Index (CPI) statistics for December will be made public.
As US rates surged in response to Friday's US jobs report, gold fell below $2,030. But XAU/USD found some momentum again, ending the week close to $2,050. The pair continues to be under bearish pressure early on Monday, trading below $2,040.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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