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  • Crude oil prices are underpinned by an unexpected fall in US crude inventories, as well as a softening US Dollar. The API reported a substantial 5.27-million-barrel draw in crude inventories, far larger than the baseline forecast of a 0.43-million-barrel rise. https://t.co/F2bQ58LVHl
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.41% Gold: -0.19% Silver: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gyzo42h8OQ
  • (Sentiment Weekly) Canadian Dollar, Crude Oil Forecast: Will USD/CAD, WTI Fall as Long Bets Rise? (plus recording of today's webinar on IG Client Sentiment within the article below) https://www.dailyfx.com/forex/technical/article/special_report/2021/01/27/Canadian-Dollar-Crude-Oil-Forecast-Will-USDCAD-WTI-Fall-as-Long-Bets-Rise.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/hsw0vma7CL
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.01% 🇬🇧GBP: -0.02% 🇪🇺EUR: -0.03% 🇦🇺AUD: -0.14% 🇳🇿NZD: -0.14% 🇨🇦CAD: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Dc4gyvBsZb
  • Gold and silver prices may continue to rise in the coming months on the back of falling real rates of return and the prospect of additional fiscal support under a Biden administration. Get your market update from @DanielGMoss here:https://t.co/OMNoNHn2vZ https://t.co/PxfRaYC4Pj
  • China's Ministry of Industry and Information Technology releases measures aimed at accelerating the reduction of steel output - BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 70.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/JylO9zltOq
  • Will the Swiss Franc find reprieve after recent losses against the Canadian and New Zealand Dollars as NZD/CHF and CAD/CHF uptrends face key chart barriers? Find out from @FxWestwater here:https://t.co/c89gcaNhTt https://t.co/AyIyZ4xpjQ
  • US daily Covid-19 new cases have fallen to 133,913 on January 25th, marking the lowest reading since November 15th. The 7-day moving average of daily cases has also been declining with the rollout of coronavirus vaccines. https://www.dailyfx.com/forex/market_alert/2021/01/27/Nasdaq-Poises-to-Rise-with-Hang-Seng-ASX-200-Apple-Earnings-in-Focus.html https://t.co/bn5cYen2i2
  • Apple, Facebook, Tesla advanced in afterhours trade before their earnings release on Wednesday. Here are the EPS forecasts: - Apple: EPS $1.43 (+13.6% YoY) - Facebook: EPS $3.54 (+38.2% YoY) - Tesla: EPS $1.01 (+505.7% YoY)
Webinar: USDOLLAR FOMC Preview- Key Levels to Know

Webinar: USDOLLAR FOMC Preview- Key Levels to Know

Michael Boutros, Strategist

Talking Points

It’s a BIG event risk week with the BoJ, U.S. Inflation, the FOMC policy meeting, the SNB and the BoE on tap. Keep in mind this is the quarterly Fed meeting so we’ll be getting the updated projections on interest rates, growth and unemployment as well as the subsequent presser with Chair Janet Yellen. Keep in mind that market participants have all but factored out any chance of a hike this time around and we’ll be paying close attention to the dot plot projections- If expectations for higher rates are reduced further, look for the dollar to remain on the defensive.

The Dow Jones FXCM U.S. Dollar Index is starting the week just above support at 11960/70 and we’ll ultiamtely be looking for a rally to offer more favorable short-entrries higher up. Our focus ahead of the rate decision is on the crosses with AUDCHF, AUDJPY, GBPUSD & GBPJPY setups in play. We also discussed the implications for Gold & Crude Oil, both of which are coming off their respective near-term resistance zones. Continue to track these setups and more throughout the week-Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!

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Check out SSI to see how retail crowds are positioned as well as open interest heading into March trade.

Relevant Data Releases

Webinar: USDOLLAR FOMC Preview- Key Levels to Know

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or ClickHere to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Deskat 12:30 GMT (8:30ET)

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

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