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ECB's Centeno: Eurozone is facing significant challenge with increasing international role of the euro

Comment from Centeno Imagine how popular the euro would be if it could ever sustain a bid and avoid some kind of crisis for a few years. It's up 55 pips today after a soft start to the year.

The EUR is the strongest and the JPY is the weakest as NA traders enter for the day

The USD is weaker As North American traders enter for the day - and return from the Martin Luther King holiday, the EUR is the strongest, the JPY is the weakest.   The USD is also weaker as traders are in a risk off mode. Stocks are higher. Bond yields are higher as well. Gold is lower. 

Audio recap: Reconsidering the balance of risk

What's driving today's upbeat sentiment A lot of the chatter out there is that risk assets are trading back up on the positive updates around coronavirus, mainly that US covid cases fell for the sixth consecutive day. But we think it's more about Janet Yellen and the expectations around her confirmation hearing.

ForexLive European FX news wrap: Dollar lower, risk buoyed ahead of Yellen, Wall St return

Forex news from the European trading session - 19 January 2021 Headlines: Markets: - EUR leads, JPY lags on the day - European equities mixed, a little higher; E-minis up 0.7%

Yellen to urge lawmakers to 'act big', put aside concerns on mounting debt - report

WSJ reports on the matter, citing a review of the text of Yellen's remarks to the Senate Finance Committee The also adds that Yellen is to affirm the US' commitment to market-determined exchange rates, making it clear that they are not seeking a weaker dollar for competitive advantage, according to officials familiar with her hearing

Gold keeps steadier on the day but price action still leaves a lot to be desired

Gold continues to be caught in a battle around key technical levels Gold is trading back towards its 100-hour moving average (red line) as buyers wrestle back some near-term control. However, that doesn't mean all too much considering that price action appears to be stuck in a consolidation phase between $1,830 and $1,860.

EUR/USD creeps higher as buyers look to wrestle back some near-term control

The euro advances after the German ZEW survey data shows that investor sentiment continues to override lockdown pessimism key technical support levels Of note, the push higher during the session has also seen buyers take out the near-term trendline resistance in the latest swing move lower and now contesting a potential break of the 23.6 retracement level

The market is now caught in a push and pull on the reflation narrative

Does the early reflation narrative have more legs to run to start the year? The Georgia runoffs, Fed talk, and Biden's stimulus plan were key components to get the market hyped up about the reflation narrative to start the new year but have we finally run out of fuel on that front - at least for

BofA January fund manager survey reveals that long Bitcoin is the most crowded trade

Bitcoin beats out long tech and short dollar trades I reckon this reflects the amount of bullishness in terms of investor risk-taking behaviour. While Bitcoin may have been the flavour of the week/month, the standout point to me is that cash levels have dropped to the lowest in almost 8 years.

Germany January ZEW survey current situation -66.4 vs -68.3 expected

Latest data released by ZEW - 19 January 2021 This reflects the more optimistic investor sentiment as well but we'll see how well this will hold up in light of restrictions set to be prolonged further to April in all likelihood.

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