US stock markets were closed on Monday due to Martin Luther King Day. The Dow Jones rose by 0.18%, the S&P 500 fell by 0.07%, and the NASDAQ lost 0.11% from its value. The US dollar traded lower against a basket of major currencies on Monday as speculation that the European Central Bank is preparing to scale back its massive stimulus program propelled the euro to more than 3-year highs. Gold rose, closing at $1,340 an ounce. Crude Oil also rose, closing at $64.56 a barrel.
The euro rose versus the dollar, closing at 1.2267. On the 8-hour chart, the EUR/USD pair is trading bullish above the 20-day Moving Average with the RSI indicator above 50. As long as the pair maintains these conditions, we might see a rise towards 1.2380, while crossing below the Moving Average may start a retracement towards 1.2150. The pound rose versus the dollar, closing at 1.3804. On the daily chart, the GBP/USD pair is trading in a bullish channel. Holding above this level may take it higher towards 1.3950 while a failure may drop it towards 1.36. Today, the CPI is expected at 3% vs. 3.1%.
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