EUR/USD rises 1/6

The euro is likely to remain stuck in a $1.110-$1.1250 range for the time being as the European Central Bank kicks off a review of its monetary policy strategy, BMO Capital Markets says. The ECB's inflation target is one of the key areas of its strategic review starting January, meaning investors "should look through upside misses" on core consumer price inflation data, BMO FX strategist Stephen Gallo says. "Though alterations to the ECB's reaction function could further inflame intra-euro political tensions, we can't help but think that [Fabio] Schnabel's appointment to the executive board will initially push the central bank in the direction of tolerating higher rates of inflation for longer." EUR/USD rises 0.3% to 1.1188.(

US30USD Daily Chart

US indices tumbled Friday following the US airstrike that killed a top Iranian commander. Iran has since said it will no longer abide by the nuclear agreement signed with overseas powers and oil prices pushed higher on supply concerns. Japan markets re-open after an extended holiday.
 US30USD Daily Chart

Gold 2/2

Gold
The dollar is softening and that was just what was needed for gold to get its groove back. Gold’s bullish trend has reasserted itself despite fresh record highs with US stocks, a calm on the trade front, and no hints of recession concerns.  If gold easily takes out the 2019 high of $1,566.20 over the next couple weeks, we could see prices initially target $1,640 this quarter.  The breakout could easily $1,750 by year end if the dollar continues to stumble. 

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Australian dollar

Australian dollar could rise further in coming weeks but it will likely run out of steam by the spring, Rabobank says. The banking and financial services company favors selling rallies above $0.70 and anticipates a fall to $0.67 in the next three months. The Australian dollar has performed well recently, reaching its highest value since mid-July over the holiday period at $0.7043, according to FactSet. It drops back on Thursday, last down 0.3% at 0.6994. "Weak wage growth, drought and forest fires are significant headwinds for the [Australian] economy," raising the risk of the Reserve Bank of Australia cutting interest rates on Feb. 4, Rabobank says. Slowing Chinese growth and deterioration in U.S.-China trade relations would also weigh on the currency

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