{"id":163999,"date":"2020-01-28T11:15:29","date_gmt":"2020-01-28T16:15:29","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=163999"},"modified":"2020-01-28T10:12:03","modified_gmt":"2020-01-28T15:12:03","slug":"eurusd-under-heavy-selling-pressure","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/01\/eurusd-under-heavy-selling-pressure\/","title":{"rendered":"EURUSD Under Heavy Selling Pressure"},"content":{"rendered":"
January 28, 2020<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

USD Rally Continues<\/strong><\/h2>\n

The US dollar continues to trade higher into the middle of the week as the reversal lower in equities keeps the greenback bid on Tuesday. Looking ahead, the main focus of the week will be tomorrow\u2019s FOMC meeting.\u00a0No change in policy is expected though traders will be keen to see if the Fed has shifted its view at all following the signing of the US\/China trade deal. The USD index trades 97.80 last.<\/strong><\/p>\n

EUR Under Heavy Selling Pressure<\/strong><\/h2>\n

EURUSD has been under heavy selling pressure all week as the rally in USD continues to weigh on price.\u00a0Last week the ECB statement came with a mildly dovish tone. ECB chief Christine Lagarde warned markets not to think that ECB monetary policy will remain on auto-pilot while the ECB conducts its strategy review.<\/strong>\u00a0EURUSD trades 1.1015.<\/p>\n

GBP Lower on Brexit Trade Deal Fears<\/strong><\/h2>\n

GBPUSD has been lower again today also with price now challenging the rising trend line ahead of the 1.2978 level.\u00a0The latest-sell off comes amidst reports that the EU is demanding the European Council enforce trade deal rules, which Johnson has said is \u201cunacceptable\u201d<\/strong>. The headlines are fuelling worries over the likelihood of the two sides being able to agree a deal in the current timeframe.<\/p>\n

Risk Assets Still Under Pressure<\/strong><\/h2>\n

Risk assets have been lower again today.\u00a0The outbreak of corona-virus,<\/a>\u00a0which has now claimed the lives of 80 people and spread as far as America, is fuelling worries of damage to the global economy<\/strong>. SPX500 trades 3248.58 last, having broken back under the 3261.46 level yesterday, which has held as resistance so far today.<\/p>\n

JPY & Gold Higher Again<\/strong><\/h2>\n

Safe havens have been firmer today with both JPY and gold rallying against USD, though gold\u2019s upside move has been a little more tempered in light of USD strength.<\/strong>\u00a0XAUUSD trades 1579.73 last, sitting just under the week\u2019s highs. USDJPY trades 108.81 last.<\/p>

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Crude Holding At Support<\/strong><\/h2>\n

Oil prices continue to hold near the week\u2019s lows with crude holding just above the 52.73 level at 52.91 last.\u00a0The outbreak of corona-virus has raised fears over the demand outlook for crude given the sharp hit to oil demand during the SARS outbreak in 2003<\/strong>. Later today, traders will get a first look at US oil inventories with the API report.<\/p>\n

Loonie Testing Resistance<\/strong><\/h2>\n

USDCAD has been higher again today with price trading up towards the 1.3207 level. The ongoing slide in crude prices, as well as the rally in USD, is helping keep the loonie in demand this week.\u00a0The FOMC meeting tomorrow could fuel further upside if the Fed strikes a more optimistic tone.<\/strong><\/p>\n

Aussie Continues Lower<\/strong><\/h2>\n

AUDUSD has been lower again today. Following the breakdown below the .6850 level, price is now trading 100 pips lower at .6748.<\/strong>\u00a0Looking ahead today, Aussie traders will be waiting on the CPI release due over the Asian session which is expected to have ticked up over the final quarter of 2019.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex USD Rally Continues The US dollar continues to trade higher into the middle of the week as the reversal lower in equities keeps the greenback bid on Tuesday. Looking ahead, the main focus of the week will be tomorrow\u2019s FOMC meeting.\u00a0No change in policy is expected though traders will be keen to see […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-163999","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/163999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=163999"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/163999\/revisions"}],"predecessor-version":[{"id":164012,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/163999\/revisions\/164012"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=163999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=163999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=163999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}