FxAnalysis

Weekly market outlook highlighting price action and key levels in gold, silver, oil, forex pairs, NASDAQ 100, and USD/MXN.

And we’re off!

The US Dollar (USD) maintained the optimism seen at the start of the year, rising for the second week in a row, as markets assessed the mixed US labour market report in December and prepared for the publication of vital US inflation data next week.

The EUR/USD pair started the new year with a soft tone, falling for a second consecutive week to settle around 1.1640, its lowest in a month. The US Dollar (USD) stands victorious across the FX board, backed by geopolitical uncertainty and pretty solid United States (US) employment data.

The Pound Sterling (GBP) witnessed a steep correction against the US Dollar (USD), sending GBP/USD down from four-month highs of 1.3568 to test the weekly low near 1.3400.

After losing more than 4% in the last week of the year, Gold (XAU/USD) gathered bullish momentum as trading conditions normalized. Although XAU/USD entered a consolidation phase following the rally seen earlier in the week, it managed to register weekly gains.