Trade ideas thread - European session 12 January 2021
Daily thread to exchange ideas and to share your thoughtsThe dollar is keeping steadier to start the new day, following the gains yesterday. Major currencies in general are little changed overall, with US futures and Treasury yields also not hinting at much ahead of European trading.
The pound is mildly higher but nothing too notable, with light changes observed in other currencies against the greenback for the time being.
Precious metals are among the early movers so far, with gold tracking up to a high of $1,858 and silver extending gains to nearly 2% to $25.43.
Both are keeping a defense of key technical levels with gold rebounding upon a test of its 200-day moving average yesterday while silver is moving back up above its own 100-day moving average in trading today.
In FX, the market seems to be a bit torn as to whether or not this dollar rebound has legs to turn into a rally that can keep running - even if just for a little.
Looking elsewhere, the yen remains pressured on the back of higher yields with USD/JPY still running against key resistance trendlines for the time being.
Meanwhile, EUR/GBP is creeping back below its 200-day moving average @ 0.8983 as the choppiness continues for the pound since the Brexit trade deal conclusion.
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.