FX Today: US data remains in centre stage (1 Viewer)

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 FX Today: US data remains in centre stage (1 Viewer)

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RaKotU

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FX Market Overview – Thursday, January 10, 2026


Market Context

  • US economic data continues to dominate FX sentiment, with recent services PMI showing strength while JOLTS job openings disappointed.
  • USD strength remains the central theme, keeping major pairs like EUR/USD, GBP/USD, and USD/JPY volatile.
  • Market participants are closely watching upcoming US releases for confirmation of economic momentum and potential Fed guidance.

Key Currency Pairs

  1. EUR/USD
    • Slid for the third day as USD gains from strong US data.
    • Support: 1.1650 / 1.1620
    • Resistance: 1.1700 / 1.1725
    • Short-term bias: bearish; downside likely unless USD eases.
  2. GBP/USD
    • Consolidates above mid-1.3400s; bullish potential remains, but weak UK data could limit gains.
    • Support: 1.3430 / 1.3400
    • Resistance: 1.3480 / 1.3500
  3. USD/JPY
    • Advances above 156.50 on upbeat US services PMI.
    • Support: 156.30 / 156.00
    • Resistance: 156.80 / 157.50
    • Short-term bias: bullish, supported by weak JPY and strong US data.
  4. AUD/USD
    • Slips below 0.6670 despite RBA caution; weaker trade balance adds pressure.
    • Support: 0.6660 / 0.6640
    • Resistance: 0.6685 / 0.6700
  5. USD/CAD
    • Extends gains above 1.3850 amid concerns over Canadian oil demand and USD strength.
    • Support: 1.3840 / 1.3800
    • Resistance: 1.3880 / 1.3900

Other Themes

  • Safe-haven FX: JPY remains pressured; CHF and gold are supported only by risk sentiment.
  • Commodities impact: Oil weakness keeps CAD under pressure; metals sensitive to USD and risk-on flows.
  • Asia focus: Today’s China December trade data could influence CNY, AUD/CNY, and commodity-linked FX.

Trading Ideas

  1. USD pairs: Trade momentum in line with US data; look for dips in USD pairs for short-term buys or shorting EUR/USD on rallies.
  2. Commodity currencies: AUD, NZD, and CAD remain sensitive to China trade and oil data.
  3. JPY crosses: Continue to favor USD/JPY upside, but watch for profit-taking near 157.00–157.50.

 

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