Forex fast moving pairs
This caused big gains in commodities and non-dollar currencies. The dollar was weakened further as former President Trump left the White House and this saw a Democrat President moving in. In financial markets, the steeper a trend gets, the more dangerous it can be to follow. Investors were warned of this last week amid the GameStop saga. The pair has since slipped to 1. This will depend on whether the latest bounce in the dollar is a pause in the longer-term trend, or whether the economy can bounce back more quickly than its European counterparts.
The latest weekly jobless claims number showed unemployment in the US was lower for a third-straight week. This gave investors hope for a big employment number on Friday, but the result was disappointing with the number coming in at 49, versus 50, expected. Despite this, the unemployment rate was still lower and traders took this as a positive.
Forex Analysis Using Parallel and Inverse Currency Pairs
In the Eurozone, GDP updates for Spain and France were slightly better, while the bloc saw inflation rising for the first time in months with a jump to 0. This was a key development as the European Central Bank had threatened to intervene in the rate and push the euro lower to take the pressure off exports.
For near-term trading, the US dollar could move to 1. One of these could be in the economic numbers, but there is also the fact that the USD was beaten down badly in and could look to mount a stronger recovery. This has boosted the Canadian dollar, but if there is any obstacle to the reopening of the economies, such as a virus mutation, oil could get hit, while investors would look for safety in the USD. The Canadian currency could make a push for 1. GBP was another currency that struggled in through a mix of Brexit risk and virus headlines. Once the Brexit agreement was signed at the end of the year, the UK was heading into another lockdown and this saw the currency struggling for real gains.
The government in Britain has now administered almost 12 million shots of the vaccine to its citizens and this amounts to around 17 per cent of the population. On economics, the Bank of England held its key interest rate steady at 0. This was accompanied by bullish forecasts for a strong rebound in the second quarter due to the vaccine rollout. The situation could now see the British economy open up before the European nations and that could see a bigger move in the UK currency.
Both parties have followed the same monetary path of low rates and stimulus so there is still value in the pound. Some have a gloomy outlook for the British pound but if the economy powers forward on vaccines then the currency could move closer to its previous valuation. The pair traded around the 1. The pound is currently trying to carve out a price bottom and this will be a currency to follow the pound vs euro recovery theme, but also to play the UK as a safe haven in its own right now that it has left the European Union.
One risk for oil is the move towards green spending but that is a longer-term theme. In February, the market will look for the USD bounce vs oil highs theme. You can find out how to trade forex with our comprehensive guide. Once you decide what forex pairs to trade this month, create an account at Capital. Spread betting TradingView. Indices Forex Commodities Cryptocurrencies. For traders. News and features Capital. Professional clients Institutional Economic calendar Capital.
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Key things traders should know about volatility:. DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Top 10 most volatile currency pairs and how to trade them
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Currency Pairs: The Simplest Explanation You’ll Ever Get
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The Top 10 Forex Currency Pairs
What are the most volatile currency pairs? What about the least volatile currency pairs?
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