This is what you need to know to trade today Tuesday February 15:
Markets remain relatively calm early on Tuesday after Monday’s flight to safety as investors remain focused on geopolitics. The dollar is struggling to preserve its strength against its main rivals and US futures are trading flat in the European morning. Eurostat is to publish data on the change in employment and GDP for the euro zone for the fourth quarter. Zew economic sentiment data for Germany and the euro zone will also be released. Later in the day, the US docket will release the Producer Price Index (PPI) for January.
Russian Foreign Minister Sergei Lavrov told President Vladimir Putin in a televised meeting on Monday that a diplomatic solution was still possible. Although these comments helped improve market sentiment in the second half of the day, reports show that Russia has sent thousands more troops to the Ukraine border.
The Dollar Index (DXY), which hit its highest level in nearly two weeks at 96.43 on Monday, posts small daily losses at 96.20. The yield on the 10-year US Treasury note is virtually unchanged on the day, slightly below 2%. St. Louis Fed President James Bullard reiterated Monday that he saw the need for the Fed to raise interest rates by 100 basis points by July. For her part, the president of the Kansas Fed, Esther George, argued that the Federal Reserve should consider asset sales to curb inflation.
The EUR/USD fell to a 12-day low at 1.1280, but ended up closing the day a few pips above 1.1300 on Monday. The pair is holding on to modest recovery gains ahead of mid-level data to be released today.
The GBP/USD closed in the negative territory on Monday but appears to have found support around 1.3500. UK data showed earlier in the day that the ILO unemployment rate was unchanged at 4.1% in December, as expected. Wages including bonuses advanced 4.3% from 4.2% in the same period.
The USD/JPY it continues to fluctuate between 115.00 and 115.50. Japan’s Ministry of Economy, Trade and Industry announced on Tuesday that industrial production expanded 2.7% annually in December, matching forecasts.
The gold extended its rally and hit its highest level since June at $1,879. XAU/USD is consolidating its gains above $1,870 in the European session.
The Bitcoin He snapped a four-day losing streak on Monday and extended his rally to $44,000. The ethereum was up 2% on Monday and was last seen rising over 4% on the day to $3,050.
Source: Fx Street
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