Forex Weekly Outlook Jan. 5-8 – Will The US Dollar Rebound?

10 and one 10 us dollar bill

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A difficult and challenging 2020 is finally over. COVID-19 hasn’t yet been brought under control, but there is renewed optimism as vaccine inoculations against the pandemic are underway. It was a miserable year for the US dollar, and it’s far from unclear if the New Year will bring any relief to the beleaguered currency.

The British pound is enjoying some positive momentum from the fresh Brexit deal, as the currency has climbed to its highest level since May 2018.

In the US, the Chicago PMI rose to 59.5 in December, up from 58.2 and beating the forecast of 56.6 points. Pending Home Sales declined for a third straight month, with a reading of -2.6%. The week ended on a positive note, as unemployment claims dropped for a second straight week, falling to 787 thousand.

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