North American Summary and Highlights 26 Jan
Overview - The USD tone remained weak, though prices stabilized in the North American afternoon.
European and North American sessions
The USD remained weak, having little direction in the European morning before losing ground early in North America. EUR/USD rise from around 1.1850 to see highs above 1.19 before a modest co0rrectin, while GBP/USD rose from a.3650 to see highs above 1.37. AUD/USD was slightly firmer but could not break resistance at .6942, while USD/JPY had little direction in a range centered around 154. USD/CAD did see modest gains, moving back above 1.37, with Trump threatening 100% tariffs on Canada.
US data was on the firm side of expectations, with November durable goods orders up 5.3% with a 0.5% gain ex transport, and January’s Dallas Fed manufacturing index significantly less negative at -1.2 from -11.3.