Analyst
Bearish Preference: Sell position is envisaged if price trades below 1.21906 with take profit at 1.21555
Bullish Preference: Buy position is envisaged if price trades above 1.22061 with take profit at 1.22607
ECB President Lagarde Speaks (EUR) 10 am
CPI m/m (US) 2:30 PM
Core CPI m/m (US) 2:30 PM
Comment: The greenback traded flat in the session yesterday as the growing concern around the spread of the novel virus dominated sentiment coupled with the political turbulence in the United States. The economic outlook for the European zone looks bleak with report emanating from Germany suggesting the possibility of extension to the current lockdown in Germany, Europe's largest economy till the end of March. Investors look forward to the speech by Lagarde and the inflation data from the US for fresh impetus.
Bullish Preference: Buy position is envisaged if price trades above 31053 with take profit at 31112.
Bearish Preference: Sell position is envisaged if price trades below 30948 with take profit at 30832.
CPI m/m (US) 2:30 PM
Core CPI m/m (US) 2:30 PM
Comment: U.S. stocks finished Tuesday trading higher, but the Dow missed booking its first record peak since Friday. Investors were responding to the rollout of COVID-19 vaccines and remedies while watching House Democrats in Congress moved toward the second impeachment of President Trump over accusations he incited supporters to storm the Capitol.
Bullish Preference: Buy position is envisaged if price trades above 1875.86 with take profit at 1889.77
Bearish Preference: Sell position is envisaged if price trades below 1843.81 with take profit at 1830.74
CPI m/m (US) 2:30 PM
Core CPI m/m (US) 2:30 PM
Comment: Gold was up on Wednesday morning in Asia, with both the dollar and U.S. Treasury yields hitting the pause button in their recent rallies. The U.S. economy could see a strong rebound in the second half of this year as vaccinations become widely available, but COVID-19 is still driving the economy and monetary policy will remain accommodative.
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