This is what you need to know to trade today Wednesday February 10:
The dollar has been extending its slide as markets remain mostly bullish, waiting for news on stimulus and buoyed by the outlook for vaccines. US inflation figures and a speech from Federal Reserve Chairman Jerome Powell will draw investors’ attention.
Yields on 10-year US Treasuries they have stabilized around 1.15%, after having risen previously. This current lull in the bond market has given way to risk appetite sentiment taking over. While the S&P 500 didn’t hit new highs Tuesday, equity markets in Asia and Europe are on the rise.
The Senate of the United States It is consumed by the trial of former President Donald Trump for inciting an insurrection on Capitol Hill, and progress toward passing a large fiscal stimulus appears to have stalled. However, investors will closely monitor any developments on that front. Democrats are pushing for a big relief plan, but probably below President Joe Biden’s original $ 1.9 trillion proposal.
The EUR/USD it has surpassed the 1.21 level despite the slow launch of vaccination in Europe. The GBP/USD has surpassed the 1.38 level, reaching the highest level since 2018. Currencies linked to commodity prices are also on the rise, with the USD / CAD falling below 1.27, also driven by surging oil prices. The crude WTI it is trading close to $ 59.
UK Vaccine News: One dose of the Pfizer / BioNTech coronavirus vaccine causes 60% protection, while the second dose increases it to 80%. The UK has chosen to space out the administration of these doses.
The US inflation figures for February they are of interest amid mounting concerns that the stimulus would trigger a rise in prices. Both the core CPI consumer price index and the core CPI are forecast to increase 0.2% monthly.
See: January US CPI Consumer Price Index Forecast: Can Consumer Demand Drive Prices?
Jerome Powell, Chairman of the Federal Reserve, is scheduled to speak on the economy later in the day and may provide clues about the central bank’s next moves. A focus on slack in the labor market will likely reinforce the Fed’s dovish stance, weighing on the dollar and supporting markets.
The Bitcoin It has leveled off around $ 46,000 after Tesla’s decision to invest in the cryptocurrency spurred it on earlier in the week. Other digital currencies are on the rise as well.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
