Here is what you need to know on Thursday, February 8:
Major currency pairs fluctuate in relatively tight ranges in the second half of the week as investors' search for fresh catalysts continue. Later in the session, the weekly Initial Jobless Claims and December Wholesale Inventories data will be featured in the US economic docket. Policymakers from the European Central Bank (ECB), the Bank of England (BoE) and the Federal Reserve (Fed) will be delivering speeches throughout the day.
The US Dollar (USD) Index edged lower on Wednesday but managed to hold near 104.00. The benchmark 10-year US Treasury bond yield stabilized above 4.1% after the high-yield at the latest 10-year Treasury note auction came in at 4.09%. Early Thursday, the 10-year yield moves up and down in a narrow band at around 4.1% and US stock index futures trade virtually unchanged.
During the Asian trading hours, the data from China showed that the Consumer Price Index rose 0.3% on a monthly basis in January. The annual CPI declined 0.8% in the same period.
US Dollar price this week
The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the weakest against the New Zealand Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.04% | -0.07% | -0.12% | -0.27% | 0.15% | -0.82% | 0.67% | |
| EUR | 0.04% | -0.03% | -0.08% | -0.24% | 0.19% | -0.77% | 0.71% | |
| GBP | 0.07% | 0.04% | -0.05% | -0.20% | 0.22% | -0.74% | 0.74% | |
| CAD | 0.12% | 0.08% | 0.04% | -0.16% | 0.26% | -0.70% | 0.79% | |
| AUD | 0.27% | 0.23% | 0.20% | 0.15% | 0.42% | -0.54% | 0.94% | |
| JPY | -0.16% | -0.19% | -0.24% | -0.26% | -0.39% | -0.98% | 0.53% | |
| NZD | 0.82% | 0.77% | 0.73% | 0.68% | 0.53% | 0.95% | 1.49% | |
| CHF | -0.66% | -0.70% | -0.73% | -0.78% | -0.94% | -0.51% | -1.48% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
EUR/USD registered modest gains for the second consecutive day on Wednesday. The pair continues to edge higher toward 1.0800 in the early European session.
GBP/USD rose 0.25% on Wednesday but lost its bullish momentum. At the time of press, the pair was flat on the day at 1.2630.
Bank of Japan (BoJ) Deputy Governor Shinichi Uchida said on Thursday that the future rate path depends on economic and price developments at the time. "We will first determine whether conditions have fallen into place to shift policy, then consider the most appropriate means, sequence to do so," Uchida added. USD/JPY edged higher in the Asian session and was last seen trading in positive territory near 148.70.
The Bank of Canada's (BoC) latest Summary of Deliberations showed that with inflation still too high and too broad-based, members wanted to be clear in their communications that they were still concerned about the persistence of underlying inflation. USD/CAD continues to stretch lower toward 1.3450 after closing the previous two days in the red.
Gold climbed above $2,040 on Wednesday but lost its traction to close the day flat as the US yields rebounded later in the American session. XAU/USD trades in a narrow channel above $2,030 early Thursday.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD looks at tariffs for further direction
AUD/USD reversed two daily upticks in a row and deflated below the 0.6300 support once again on Thursday in response to the firmer tone in the US Dollar and intense jitters around US tariffs.
EUR/USD meets initial support near 1.0820
EUR/USD lost ground for the second consecutive day, this time receding to the 1.0820 zone in line with further recovery in the Greenback and another pullback in German yields.
Gold now targets the $3,000 mark
Gold extended its rally on Thursday, hitting a fresh record past the $2,980 mark per troy ounce as escalating trade conflicts and mounting worries about global growth fueled intense safe-haven demand.
CZ denies rumors of seeking pardon from Trump
Binance founder Changpeng Zhao (CZ) denied reports on Thursday that claimed he is seeking an official pardon from President Donald Trump's administration.
Brexit revisited: Why closer UK-EU ties won’t lessen Britain’s squeezed public finances
The UK government desperately needs higher economic growth as it grapples with spending cuts and potential tax rises later this year. A reset of UK-EU economic ties would help, and sweeping changes are becoming more likely.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.