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Summary
We’ve had quite a bit of volatility in the EUR and JPY crosses in the past few days, post French Elections and ahead of the ECB and BOJ rate decisions today. The EURJPY pair tested and confirmed above the daily Ichimoku cloud in the past few days, however with the important economic events today, we are still on wait and see mode. If the ECB’s Draghi hints at possible shifts in policies and forward guidance in June, then we might see the euro extend its rallies this week. But if he claims inflation is still too low, and fails to hint at tapering or tightening in the near-term, then we might see a bit of profit-taking across the major euro pairs. Also on the economic calendar today is the US Durable Goods Orders out 12:30 PM. Japan will have yet another event during the next day’s Asian session at 11:30 PM GMT, to release their National Consumer Price Index. Thanks for watching and I wish you the best of luck making pips by trading forex.
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AUD/USD gets ready to punch through 0.7100
The intense sell-off in the Greenback underpins the solid performance of the Aussie Dollar on Monday, motivating AUD/USD to add to recent gains while challenging the key 0.7100 barrier, or fresh YTD highs, at the same time.
EUR/USD extends its optimism past 1.1900
EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.
Gold picks up pace, retargets $5,100
Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.
XRP struggles around $1.40 despite institutional inflows
Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.
Japanese PM Takaichi nabs unprecedented victory – US data eyed this week
I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.
Here is what you need to know on Tuesday, February 10:
Japanese stocks surged to record highs on Monday, as Prime Minister Sanae Takaichi's Liberal Democratic Party (LDP) basked in a historic election victory.