Despite the start of a new calendar year and the end of a major holiday period, last week’s market was relatively quiet, despite two pieces of high impact data being released: the FOMC meeting minutes and non-farm payrolls data. Although both these releases contained surprises, neither of them had much impact upon the Forex market
Most stock markets ended the week lower, including the benchmark US S&P 500 Index. The NASDAQ 100 tech Index fell strongly. Commodities were mixed, but crude oil rose which was unusual in a risk-off environment. In the Forex market the Australian dollar fell, while the British pound was strong. Risk sentiment did not really explain the week’s movements in the Forex market.
. The only other major data release due over this week is US retail sales data which will be released Friday. it is very notable that there is clearly strong resistance here, which is having impact. This suggests that despite the long-term bullish. However, it is also worth noting that the price is now very close to a major support level at 12150 which continues to hold, so we may be seeing a consolidation between 12150 and 12257.
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