Investors’ focus shifts to PMIs – Crypto News – Crypto News
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EUR/USD grinds lower on a firm US dollar, risk-off impulse EUR/USD grinds lower on a firm US dollar, risk-off impulse

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Investors’ focus shifts to PMIs – Crypto News

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The strong presence of the risk-off sentiment lent extra legs to the US Dollar and prompted a marked correction in the risk-linked galaxy on Tuesday, as market participants quickly digested the BoJ event and got ready for the publication of advanced PMIs on Thursday as well as the BoC interest rate decision.

Here is what you need to know on Wednesday, January 24:

Further strength in the greenback in combination with higher yields across the curve and the intense risk aversion pushed the USD Index (DXY) to new yearly highs well north of 103.00. Next on tap in the US docket will be the preliminary Manufacturing and Services PMIs for the month of January.

It continued to rain around EUR/USD, which this time extended its downward bias to the 1.0820 region, or six-week lows. Moving forward, flash Manufacturing and Services PMIs in Germany and the Euroland will grab all the looks on Wednesday.

The selling pressure saw GBP/USD flirt with four-day lows near around 1.2650 on the back of the robust recovery in the greenback. Across the Channel, all the attention is expected to be on the release of January’s advanced Manufacturing and Services PMIs.

USD/JPY rapidly reversed a sudden pullback to the 147.00 zone and managed to return to levels well past the 148.00 hurdle as markets seem to have ignored a hawkish (ish) tilt from BoJ’s Ueda. On Wednesday, December Balance of Trade figures takes centre stage in the Japanese calendar.

AUD/USD navigated a volatile session, ending around Monday’s closing levels despite the firmer tone of the greenback and the mixed bias in the commodity complex. In Oz, Westpac will release its Leading Index for the month of December.

An inconclusive session left USD/CAD hovering around the 1.3470 region ahead of the key BoC interest rate decision on Wednesday. Consensus expects the central bank to keep the steady hand for the fourth meeting in a row.

Prices of WTI maintained its gradual yearly upside, although Tuesday saw the commodity recede slightly from Monday’s tops north of the $75.00 mark per barrel.

Despite extra gains in the greenback and increasing US yields, both Gold and its cousin Silver edged higher on Tuesday.

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