GBP/USD has been riding on the roller coaster since 2021.
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Strong earnings season despite COVID headwinds
Earnings from Australian heavyweights, including BHP Group, Rio Tinto and National Australia Bank, are scheduled for next week.
There’s a renewed optimism for a global economic recovery in 2021 on the news of distribution of vaccines in major economies across the world starting in few weeks’ time.
While economic data was skewed to the negative in the week, hopes of a U.S relief package continued to support riskier assets at the expense of the Dollar.
Bitcoin may continue its bull run in 2021.
Economic data was limited to finalized inflation figures from Spain this morning. Downward revisions from prelims left the EUR in the red.
EUR/USD continues its attempts to settle above the resistance at 1.2130.
GBP/USD is trying to settle below the support at 1.3800.
U.S. cash market stock indexes are on track to post a positive week at record levels, although the strong rally appears to be losing upside momentum.
Meanwhile, Initial Jobless Claims declined from 812,000 to 793,000.
If OPEC+ decides to trim its production cuts then the hedge funds will start booking profits, setting up the possibility of a steep decline.
Consistent to trade and achieve targets for stock indices, the DAX and S&Ps over two and three days completed targets and today is offered the Nikkei 225 from its close at 29562.93.
USD/CHF is expected to decline for a considerable period in 2021, after seeing the end of the rally, the dynamic Swiss economy, and the strong CHF.
Oil bulls are presently facing difficulty moving up at the fourth trading session of the week.
AUD/USD continues its attempts to settle above the resistance at 0.7740.
The early price action suggests the direction of the index on Thursday is likely to be determined by trader reaction to the main 50% level at 90.385.
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