Powell said recently that a coming upswing in inflation readings is likely to be transitory and wont cause the Fed to change monetary policy.
Consumption is expected to fall in 2021
USD/CAD did not get below the support at 1.2525 and rebounded closer to the 20 EMA.
EUR/USD settled above 1.1850 and is testing the next resistance at 1.1880.
Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/USD-bullish contrarian trading bias.
Look for the RBA to keep its cash rate and 3-year yield targets at 0.10% in 2021 and 2022, and to extend its QE program beyond October 2021.
Will the US Dollar (via the DXY Index) continue with its recent bullish trend？ Live coverage starts at 13:50 EDT/17:50 GMT.
Stock market investors may stop viewing higher yields as a detriment, but rather a sign that the economy is heating up. And thats a good thing.
Crude oil has been waiting the OPEC, and now that they have announced that there is a gradual increase in production, the market can then focus on demand.
Leisure and hospitality, a sector critical to restoring the jobs market to its former strength, showed the strongest gains with 280,000 new hires.
Silver markets have rallied a bit during the trading session on Thursday but were closed on Friday with the exception of early Globex trading.
The US dollar has rallied significantly during the course of the week against the Japanese yen, as we are now threatening the ¥111 level.
Silver quickly rebounded from recent lows at $23.78, but it needs to settle above the $25 level to gain more upside momentum.
The US dollar has gone back and forth on Friday, which of course should not be a huge surprise considering that the liquidity would have been almost nothing.
Meanwhile, oil has a decent chance to gain more upside momentum after OPEC+ decided to gradually increase production.
The main range is $51.37 to $67.79. Its retracement zone at $59.58 to $57.64 is controlling the near-term direction of the market.
AUD/USD settled above 0.7600 and is testing the next resistance at 0.7635.
EUR/USD settled above the resistance at 1.1750 and is trying to settle above the next resistance at 1.1775.
GBP/USD managed to get above the 50 EMA and is trying to settle above the next resistance at the 20 EMA.
The main trend is up, but momentum shifted to the downside, following the confirmation of the previous sessions closing price reversal top.
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