Forex Today: Dollar leads, despite mounting risk appetite

Here is what you need to know on Monday, January 11:

The greenback advanced on Friday despite a disappointing Nonfarm Payroll report, as job losses spurred speculation that more fiscal stimulus is in the docket. President-elect Joe Biden called for immediate further fiscal support, including increased direct payments of $ 2,000. The dollar gains were however modest, with major pairs holding within familiar levels.

The EUR is among the weakest, nearing 1.220 against the greenback. Commodity-linked currencies found support in Wall Street, which continued to rally and finished the week near record-highs.

US Treasury yields kept advancing, underpinning USD/JPY, which settled around 104.00, its highest in three weeks. A daily descendant trend line coming from March 2020 provides critical resistance around 104.50.

 Coronavirus: The US reported on Friday record new contagions above 300K. The UK health system is already stressed, despite the tough lockdown imposed at the end of December. Immunization through different vaccines seems to be picking up pace, which somehow offsets bad news. Markets still believe that economies will recover through the second half of the year.

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