- European session review: USD gives up earlier gains
Market news
29 January 2021
European session review: USD gives up earlier gains
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 08:00 | Switzerland | KOF Leading Indicator | January | 104.1 | 102 | 96.5 |
| 08:55 | Germany | Unemployment Change | January | -40 | 6 | -41 |
| 08:55 | Germany | Unemployment Rate s.a. | January | 6% | 6.1% | 6% |
| 09:00 | Eurozone | Private Loans, Y/Y | December | 3.1% | 3.1% | |
| 09:00 | Eurozone | M3 money supply, adjusted y/y | December | 11% | 11.2% | 12.3% |
| 09:00 | Germany | GDP (QoQ) | Quarter IV | 8.5% | 0% | 0.1% |
| 09:00 | Germany | GDP (YoY) | Quarter IV | -4% | -4% | -3.9% |
| 13:30 | U.S. | Employment Cost Index | Quarter IV | 0.5% | 0.5% | 0.7% |
| 13:30 | Canada | GDP (m/m) | November | 0.4% | 0.4% | 0.7% |
| 13:30 | U.S. | Personal spending | December | -0.7% | -0.4% | -0.2% |
| 13:30 | U.S. | PCE price index ex food, energy, m/m | December | 0% | 0.1% | 0.3% |
| 13:30 | U.S. | PCE price index ex food, energy, Y/Y | December | 1.4% | 1.3% | 1.5% |
| 13:30 | U.S. | Personal Income, m/m | December | -1.3% | 0.1% | 0.6% |
USD pared its earlier advances against its major rivals in the European session on Friday, as risk-on mood returned despite lingering concerns about a retail trading frenzy that had rocked Wall Street throughout the week, forcing investors to pull cash from risky assets.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, was little changed at 90.49.
The U.S. currency is weighed down by expectations that it will weaken in 2021 amid massive fiscal stimulus from the U.S. lawmakers, Fed's ultra-easy monetary policy and strong vaccine-fuelled global economic recovery. In addition, Q4 GDP figures from Spain, Germany, and France were better than feared, adding to the positive sentiment.
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