# Forex Major Currencies Outlook (Jan 20, 2017) Source: https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-jan-20-2017/ Language: en Updated: 2017-01-20 Description: Explore Forex Major Currencies Outlook (Jan 20, 2017). USDThe US. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. **USD** The US dollar failed to establish a clear direction in recent trading as it initially rallied on upbeat data but soon gave up its intraday gains. The Philly Fed index, initial jobless claims, and housing starts figures came in better than expected but traders seem wary of Trump’s inauguration later on in the day. Additional volatility could be in play and profit-taking ahead of the event could take place. **EUR** The euro had a sharp selloff after the ECB statement as Draghi clarified that the recent pickup in inflation was merely spurred by higher energy costs and not indicative of strong underlying pressures. He also repeated that policymakers haven’t discussed QE tapering yet and that there are risks from Brexit and Trump. There are no reports due from the euro zone today. **GBP** The pound continued to advance against most of its counterparts even though there were no major reports out of the UK yesterday. Traders seem to be assured by UK PM May’s testimony and recent upside data surprises. UK retail sales data is due today and a 0.1% dip in price levels is expected. **CHF** The franc continued to consolidate to the euro but gave up ground to the pound. Swiss PPI came in line with expectations of a 0.2% increase, signaling some upside inflationary pressures. There are no reports due from Switzerland today so the franc could be driven by market sentiment. **JPY** The yen was mostly weaker compared to its counterparts, except for the Canadian dollar. There have been no major reports out of Japan yesterday so country-specific events pushed yen pairs around. There are still no reports due from Japan today but the pickup in risk appetite stemming from upbeat Chinese data seems to be keeping a lid on yen gains. **Commodity Currencies (AUD, NZD, CAD)** The Aussie and Kiwi managed to hold on to their lead, thanks to Chinese reports coming in mostly in line with estimates. The economy expanded by 6.8% versus 6.7% in Q4 while retail sales picked up and industrial production lagged slightly. Australia’s jobs figures also beat expectations but rising crude oil stockpiles dampened the Loonie’s gains. Canadian CPI and retail sales figures are due today. *By Kate Curtis from**Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-jan-20-2017/#primary", "url": "https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-jan-20-2017/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-jan-20-2017/", "headline": "Forex Major Currencies Outlook (Jan 20, 2017)", "inLanguage": "en", "datePublished": "2017-01-20T09:42:33+00:00", "dateModified": "2017-01-20T09:42:33+00:00", "articleSection": "Market Info", "description": "Explore Forex Major Currencies Outlook (Jan 20, 2017). USDThe US. 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