Daily Market Commentary 26th January 2021

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A slow start to the week with little major economic data releases allowing the vacuum to be filled with virus fears. The spread of the virus and the political lock-downs in response continue to wreak havoc upon economies. The forecasts are for strong economic growth, in a vaccine world, but that will not be upon us for some time. The lockdowns will dominate the Q1 and thus be reflected in the data. The Dollar was steady overnight, with the EUR trading around 1.2150, while the GBP pushed to 1.3670.

The trade exposed commodity currencies remain fairly strong, with the NZD just below 0.7200, while the AUD slipped back towards 0.7700. Australia Day celebrations will ensure a modest trading day. Economic data releases build in volume and importance, during the trading week, dominated by the Federal Reserve meeting and GDP numbers.

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