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European session review: USD mixed as investors await details of Biden's stimulus package
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 12:30 | Eurozone | ECB Monetary Policy Meeting Accounts |
USD traded mixed against most of its major counterparts in the European session on Thursday as market participants waited for details of President-elect Joe Biden's COVID-19 relief package.
While the U.S. currency rose against JPY and CHF, it eased off against the rest of major rivals. The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, edged up 0.03% to 90.38.
CNN reported that President-elect Joe Biden is expected to unveil a $2 trillion stimulus package Thursday evening, which will include direct payments, state and local funding, and vaccine distribution.
Investors also continued to track political drama in Washington. President Donald Trump was impeached Wednesday by the House of Representatives for his role in "incitement of insurrection". This was the second time Trump has been impeached during his administration. However, the proceedings are not expected to move to the Senate before the inauguration of Biden on January 20.
Meanwhile, the stronger-than-expected trade data from China boosted risk appetite, while dulling demand for the safe-haven assets.
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Market focus
- U.S. retail sales unexpectedly decline in December
- U.S. consumer sentiment index decreases more than anticipated in early January
- Key events for next week: China GDP, eurozone ZEW Economic Sentiment index, UK, Canada and New Zealand CPI, Bank of Canada, ECB and Bank of Japan interest rate decisions, Australian unemployment rate, Eurozone, UK and US PMIs
- U.S. industrial production grows much more than forecast in December
Forex is open 24 hours a day, 5 days a week (except national holidays), and it can be broken up to the following four regional markets: Australia and Oceania, Asia, Europe, and America. A Forex trading session opens at 23:00 GMT on Sunday in Japan and closes at 22:00 GMT on Friday in the USA.
| Session | Financial Centres | UTC/GMT OpenClose |
EET OpenClose |
Local Time OpenClose |
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|---|---|---|---|---|---|---|---|
| Pacific | Wellington | 19:00 | 04:00 | 22:00 | 07:00 | 22:00 | 07:00 |
| Session | Financial Centres | UTC/GMT OpenClose |
EET OpenClose |
Local Time OpenClose |
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| Pacific | Sydney | 21:00 | 06:00 | 00:00 | 09:00 | 00:00 | 09:00 |
| Session | Financial Centres | UTC/GMT OpenClose |
EET OpenClose |
Local Time OpenClose |
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| Asian | Tokyo | 23:00 | 08:00 | 02:00 | 11:00 | 02:00 | 11:00 |
| Session | Financial Centres | UTC/GMT OpenClose |
EET OpenClose |
Local Time OpenClose |
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| Asian | Hong Kong, Singapore | 00:00 | 09:00 | 03:00 | 12:00 | 03:00 | 12:00 |
| Session | Financial Centres | UTC/GMT OpenClose |
EET OpenClose |
Local Time OpenClose |
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| European | 06:00 | 15:00 | 09:00 | 18:00 | 9:00 | 18:00 | |
| Session | Financial Centres | UTC/GMT OpenClose |
EET OpenClose |
Local Time OpenCloseе |
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| European | London | 07:00 | 16:00 | 10:00 | 19:00 | 10:00 | 19:00 |
| Session | Financial Centres | UTC/GMT OpenClose |
EET OpenClose |
Local Time OpenClose |
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| American | New York | 12:00 | 21:00 | 15:00 | 00:00 | 15:00 | 00:00 |
| Session | Financial Centres | UTC/GMT OpenClose |
EET OpenClose |
Local Time OpenClose |
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| American | Chicago | 13:00 | 22:00 | 16:00 | 01:00 | 16:00 | 01:00 |
