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Selling the euro against commodity currencies appears to be the main topic in mixed markets today. The dollar does not appear to be too worried about the overnight contraction in Treasury yields and remains broadly within last week’s range.
Sterling is struggling to continue its gains despite remaining the strongest of the week. The yen and Swiss franc are usually mixed.
EURUSD has shown weak momentum in the last couple of sessions, challenging the 1.2130 support level again, which has acted as strong support for the past three days. In the short term, the price continues to move south in a bearish zone, suggesting new losses.
If support at 1.2130 fails, the focus will shift towards the support at 1.2060 registered on December 9, which in case of a breakout will increase short-term bearish pressure and cause a trend reversal reaching the psychological value of 1.2000.
Fiscal Stimulus Takes Centre Stage
Investors don’t seem to be bothered by the political turmoil in Washington. Trump became the first US president to be impeached twice – just over a year since his first impeachment. While he will likely continue serving the remaining six days of his term, his political future is currently uncertain, with a high likelihood of being barred from running for president again if found guilty of inciting rebellion.
Global equity markets rallied slightly on the (second) day of impeachment, with US stocks continuing to hover near their record highs. The political uproar appears to be of least concern to investors, who are looking forward to strong economic growth in 2021 and yet another big stimulus package from the new US administration.
While the political instability in Washington has so far been ignored, there remains the risk of reaping profits if violence escalates on inauguration day, especially as market prices are nearly perfected.
Since the estimates are grossly overstated, some investors need a reason to take their profits, and Jan 20 may provide that.
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