Forex Today: Dollar eases ahead of relevant events elsewhere

Here is what you need to know on Tuesday, January 23rd:

• The Pound was the best performer, while CAD was the worst. The Sterling was supported by the CBI Industrial Trends Survey on Orders, which came in at -22, improving from -28 and beating the market’s expectation of -23. Sub-components showed stronger signs of improvement in the manufacturing sector.
• The UK House of Lords approved the Brexit Bill. PM Johnson said he was confident a deal could be achieved with the EU before year-end.
• The Canadian dollar plummeted with the BOC’s monetary policy announcement, as the central bank opened doors for a rate cut.
• The EUR/USD pair traded lifeless below 1.1100, extending its January decline by a few pips to a 1.1069. Market players are waiting for the ECB Monetary Policy meeting this Thursday.
• The Australian dollar continued to weaken despite the dollar’s negative tone. Australia to release employment and inflation data up next.
• Crude oil prices fell for a third consecutive day, and settled at fresh 2020 lows, weighed by oversupply concerns.
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