Investors will be looking at politics as no top-tier economic data is expected to be released today. USD is set to move at the rhythm of US share benchmarks, according to strategists at TD Securities.
Key quotes
“We think investors in North America will be mostly focused on US politics. Investors are still waiting to discover the Democratic party winner of the Iowa Caucus. This may not be known until later today – at best.”
“Trump will deliver this year’s State of the Union address before Congress this evening. There, some observers expect the president to emphasize his economic achievements.”
“We will be keeping an eye on equity market performance for some indication of near-term USD direction. Reports of fresh developments on the global viral outbreak will dominate sentiment. In the absence of these, however, we think the dollar will broadly track movements in US share benchmarks as the US political circus evolves.”
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