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Real Time News
  • $USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here: https://t.co/5GO9UrvO4y https://t.co/744r4xEfFm
  • South Korean Vice Finance Minister says bond yields to be closely monitored - BBG
  • Italian PM Conte won support for his government in the Chamber of Deputies 321 to 259. He will face a more difficult vote in the Senate tomorrow
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.17% 🇨🇭CHF: 0.05% 🇪🇺EUR: 0.01% 🇨🇦CAD: -0.18% 🇳🇿NZD: -0.26% 🇦🇺AUD: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/L7qJIoIuXY
  • 🇳🇿 Electronic Retail Card Spending MoM (DEC) Actual: 19.2% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2021-01-18
  • President-Elect Joe Biden's Treasury Secretary nominee Janet Yellen (former Fed Chairwoman) is due to before the Senate Finance Committee tomorrow at 15:00 GMT (or 10:00 EST)
  • 🇳🇿 Electronic Retail Card Spending YoY (DEC) Actual: 3.5% Previous: 1.4% https://www.dailyfx.com/economic-calendar#2021-01-18
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: 0.79% Gold: 0.49% Oil - US Crude: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bTtIH1q2ja
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in NZD/USD are at opposite extremes with 67.03%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/wmO5VkczyC
  • Heads Up:🇳🇿 Electronic Retail Card Spending MoM (DEC) due at 21:45 GMT (15min) Previous: 0.1% https://www.dailyfx.com/economic-calendar#2021-01-18
Christopher Vecchio's Analyst Pick

Christopher Vecchio's Analyst Pick

Christopher Vecchio, CFA, Senior Strategist

This week was very interesting. Fundamentally, given data out of China and the United States, it became clear that growth prospects are dimming across the globe and that the Federal Reserve will stay on the sidelines in terms of more easing. With that said, I still believe that the People's Bank of China and the Fed will introduce some forms of easing in the near-future. I am now cautiously bearish, and the technicals certainly would expect some further downside in the commodity currencies, in particular, the Australian Dollar.

Ahead of nonfarm payrolls, I remain on the sidelines, as the implications for this print are profound. On one hand, a strong print would validate the Fed's belief that the US economy needs no further easing, which would ultimately be US Dollar bullish; on the other, a weak print could result in a pullback in risk-appetite as well as the US Dollar. I would expect QE3 chatter among media and traders - maybe not policymakers - to pick up in that case.

Either way, with equity markets closed for the Easter holiday, liquidity will be thin and I would prefer to preserve my capital in this instance.

Any other trade ideas and general macroeconomic musings can be found in the Real Time Newsfeed, or by following me on twitter @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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