Forex Today: Hopes to keep backing the dollar’s demand
|What you need to know on Monday, February 8:
The greenback gave up ground on Friday, ending the week with uneven results. The catalyst was a mixed US employment report, which showed a tepid job creating a downward review to December figures, but an improving unemployment rate.
Commodity-linked currencies were able to post modest weekly gains against the dollar, while the pound was the best performer. GBP/USD flirted with the multi-month high at 1.3758 amid ramping coronavirus immunization in the UK and BOE’s rate decision, cooling down expectations for negative rates.
The EUR/USD pair closed in the red around 1.2050, recovering from a fresh 2021 low at 1.1951. USD/JPY hit 106.76 before shedding some pips, ending a second consecutive week with substantial gains.
ECB’s chief Christine Lagarde spoke through a French newspaper on Sunday and said she expects the EU to pick-up in the summer, stressing that public authorities will have a difficult job weaning the economy off of emergency support.
Optimism prevails amid hopes for a new US stimulus package, as Democrats are working on passing US President Joe Biden’s bill of $1.9 trillion without Republican support.
Wall Street flirted with all-time highs on Friday, while US Treasury yields surged to their highest since March 2020.
In the coronavirus front, the global number of new contagions and deaths continues to recede. Vaccine-immunization continues at an even pace, amid production and delivery delays. Meanwhile, Israel announced it may have found a cure for coronavirus after applying a medication called EXO-CD24. Out of 30 serious patients treated, 29 were released from hospital within five days.
Dogecoin Price Prediction: DOGE primed for a 90% bull run
Churchill Capital Corp IV (CCIV) Stock Price and News: CCIV breaks through $35 on high volume
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.