A shift in sentiment since the release of a weaker-than-expected U.S. jobs report on Friday helped put in the top of the USD/JPY.
Crude oil priced bulled back some of its gains at the mid-week trading session. Oil bulls seem to be having a well-deserved rest after the black liquid hydrocarbon had its longest run of upsides in two years as another key macro revealed another decline in oil inventories at the worlds largest economy.
EUR/USD managed to settle above the 50 EMA and is trying to settle above the next resistance level at 1.2130.
The data releases are a good sign that the economic recoveries in New Zealand and Australia are on the right track.
Investors will also be keeping close tabs on a speech from U.S. Federal Reserve Chairman Powell at 1900 GMT.
The NYSE FANG+TM index, which includes Facebook Inc, Netflix Inc and Tesla Inc, rose to an all-time high.
The direction of the April Comex gold futures market into the close is likely to be determined by trader reaction to $1831.80 and $1842.90.
GBP/USD managed to get above the major resistance level at 1.3745 and is testing the next resistance at 1.3785.
The price action is confusing the fundamental traders, who are looking for clarity in the weather forecasts for February 15 into early March.
The direction of the March WTI crude oil futures contract on Tuesday is likely to be determined by trader reaction to yesterdays close at $57.97.
Most analysts assume the RBA will extend its bond-buying program which ends in April, if only to lessen upward pressure on the Aussie.
The US dollar is approaching the ¥105 level yet again as we continue to see upward pressure in this pair.
Silver appears to be the next GameStop (GME), and prices could explode higher over the coming days/weeks.
Meanwhile, retail traders push silver towards the $30 level.
Gold has been essentially rangebound for weeks as investors waited for developments around a U.S. stimulus package.
Its a busy week ahead on the economic calendar. While the stats are on the heavier side, expect COVID-19 and U.S stimulus news to continue to influence.
Mortgage applications fell for a 2nd week, with COVID-19 news and the FED weighing on riskier assets in the week.
The US dollar has had a good week against the Japanese yen, as people are starting to price and more risk appetite overall, leaving the Japanese yen behind.
If the buying is strong enough, we could see a breakout over $1878.10 and into $1894.10 to $1911.20.
Meanwhile, better-than-expected Personal Income and Personal Spending reports may provide some support to the market.
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