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  • Heads Up:🇯🇵 Coincident Index Final (NOV) due at 05:00 GMT (15min) Expected: 89.1 Previous: 89.4 https://www.dailyfx.com/economic-calendar#2021-01-27
  • Heads Up:🇯🇵 Leading Economic Index Final (NOV) due at 05:00 GMT (15min) Expected: 96.6 Previous: 94.3 https://www.dailyfx.com/economic-calendar#2021-01-27
  • BoJ Governor Kuroda: - ETF purchases goal is to lower risk premium - ETF purchases not intended to raise stock prices - BBG
  • Natural gas is moving lower after weather models pointed to warmer-than-average temperatures across much of the US. Get your market update from @FxWestwater here:https://t.co/HuXPXu5PFU https://t.co/YCSGO04Aud
  • 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
No Rest for the Weary as Commodity FX Slide Continues

No Rest for the Weary as Commodity FX Slide Continues

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- AUD/USD begins breaking out of its five-month long triangle.

- JPY-crosses remain well-supported by risk-off flows.

- See upcoming event risk for FX markets.

Good news is bad news again. In the "what's good data is bad news" world, any indication that the Fed could tighten policy faster than currently expected - only two rate hikes are priced in for this year (per Fed funds futures) - against rapidly deteriorating risk sentiment and an increasingly negative geopolitical news cycle seems like a bad mix for higher yielding currencies and risk-correlated assets.

With the FOMC yesterday hammering home the point that its policy normalization would be gradual and data dependent, all focus for risk assets and the US Dollar alike is on the December US labor market release on Friday. A "good" US jobs report would be particularly "bad" for the struggling Australian and New Zealand Dollars, as it would signal the removal of stimulus during an emerging time of panic.

Read more: Riksbank Intervention Threat Aims to Lift EUR/SEK Prices

See the above video for technical considerations in the USDOLLAR Index, EUR/USD, AUD/USD, NZD/USD, GBP/JPY, AUD/JPY, and NZD/JPY. Also, read about my trade of the year: short GBP/JPY.

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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

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