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USD A Touch Lower as Markets Await Inauguration

FOREX

With outgoing President Trump concluding his final day in office, markets await the inauguration of President-Elect Biden. Reports have already made clear Biden's intentions on assuming office - namely reversing Trump's previous actions on climate change, border walls and the revocation of a permit for the Keystone XL pipeline. The USD is a touch softer early Wednesday, but recent ranges have largely been respected.

GBP outperforms slightly, helping GBP/USD challenge, but not quite top, the Jan14 highs at 1.3710. The gains come as inflation numbers came in ahead of expectations and as house price growth continues to surge higher.

GBP is the firmest currency in G10, while SEK, EUR and USD underperform. Equities are generally higher, with the e-mini S&P trimming the gap with alltime highs to just 20 points.

Canadian CPI and the Bank of Canada rate decision take focus going forward. An appearance from BoE's Bailey is scheduled at 1700GMT/1200ET.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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