Global macro overview for 22/01/2016:
In addition to the ECB rate decision, the important data from the US labor market was released yesterday as well, including the unemployment and continuing claims. According to the report of the US Labur Department, initial claims for unemployment benefits in the US surged to 293K (278k expected; 283k prior), which is the highest level in six weeks. Continuing claims slightly decreased to the level of 2208K coming in below the market expectations of 2253K. Nevertheless, please notice that only a sustained increase in unemployment claims will be able to signal some weakness in the US labor market.
The US dollar index is just in the middle of a trading range trying to break out above the recent local high. The next daily support is seen at the level of 97.18 and the next resistance is seen at the level of 99.98.