# Forex Major Currencies Outlook (Jan 23, 2015) Source: https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-jan-23-2015/ Language: en Updated: 2015-01-23 Description: Explore Forex Major Currencies Outlook (Jan 23, 2015). USDThe US. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. **USD** The US dollar resumed its rally to most of its forex counterparts, as the EURUSD tumble carried on to other pairs. Data from the US was weaker than expected, with the initial jobless claims showing a larger than expected 307K reading versus the projected 301K figure. For today, US flash manufacturing PMI and existing home sales data are up for release. **EUR** The euro suffered a massive selloff against its counterparts when ECB Governor Draghi announced their quantitative easing program. The ECB would conduct 60 billion EUR in asset purchases each month, shouldering 20% of the risk and leaving the rest of the burden to the euro zone member nations’ central banks. For critics, this could be more damaging to the region’s solidarity while Draghi maintained that structural reforms are needed to ensure that the program would work. Euro zone PMIs are due today and weak data could worsen the shared currency’s drop. **GBP** The pound also suffered a selloff in yesterday’s trading sessions, despite the lack of major events on the UK’s schedule. The public sector net borrowing report showed a worse than expected reading of 12.5 billion GBP, higher than the projected 9.2 billion GBP deficit. UK retail sales data is due today and it might show a 0.6% drop, which might mean more pound weakness. **CHF** The franc followed in the euro’s footsteps and gave up ground to its major counterparts after the ECB announcement. There have been no releases from Switzerland then and none are due today, suggesting that the franc might take its cue from euro price action once more. **JPY** The yen packed in gains when risk aversion returned after the ECB rate statement yesterday, although the Japanese currency gave up ground to the US dollar. Earlier today, the flash manufacturing PMI report indicated a climb from 52.0 to 52.1, reflecting how the expansion in the industry picked up pace slightly. There are no other reports lined up from Japan today. **Commodity Currencies (AUD, NZD, CAD)** The comdolls were once again in a weak spot yesterday, as risk aversion weighed on higher-yielding currencies. Weaker inflation expectations also weighed on the Australian dollar, as the MI inflation expectations reading fell from 3.4% to 3.2%. Earlier today, the HSBC flash manufacturing PMI indicated a climb from 49.6 to 49.8, reflecting a slower pace of contraction. Canadian CPI and retail sales figures are up for release today and weak data could drive the Loonie lower. *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-23-2015/#primary", "url": "https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-jan-23-2015/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-jan-23-2015/", "headline": "Forex Major Currencies Outlook (Jan 23, 2015)", "inLanguage": "en", "datePublished": "2015-01-23T07:51:41+00:00", "dateModified": "2015-01-23T07:51:41+00:00", "articleSection": "Market Info", "description": "Explore Forex Major Currencies Outlook (Jan 23, 2015). USDThe US. 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