ForexLive European FX news wrap: Gold dips, dollar steady ahead of payrolls

Author: Justin Low | Category: News

Forex news from the European trading session - 8 January 2021

Headlines:

Markets:

  • AUD leads, EUR lags on the day
  • European equities higher; E-minis up 0.4%
  • US 10-year yields flat at 1.083%
  • Gold down 1.2% to $1,890.34
  • WTI up 1.2% to $51.44
  • Bitcoin up 4.6% to $41,590

EOD 08-01
It was a largely quiet session as major currencies didn't do all too much, with the dollar keeping steadier throughout ahead of the non-farm payrolls report later.

The key happening on the session was a quick dip in gold at the European market open, which saw price jump lower from $1,904 to $1,878 before holding a slight bounce after.

That said, price is keeping just under its 100-day moving average and broken trendline resistance - now turned - support around $1,893-94 for now as sellers seize near-term control on a push below the $1,900 handle.

Elsewhere, the dollar was steadier as it gained slightly against the euro and yen before paring the advance ahead of North American trading.

EUR/USD fell from 1.2260 to 1.2213 to test the 31 December low before creeping back up while USD/JPY moved up to 104.00 before easing back near unchanged at 103.81.

Equities are continuing to keep a modest advance after yesterday's gains as the market maintains its focus on the reflation/stimulus narrative. Precious metals may not follow that for now, but the theme should at least keep through to the weekend.

I wish you all a good Friday and a wonderful weekend ahead.

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