What you need to know on Friday, February 5:
The Bank of England attracted most of the market’s attention on Thursday as policy makers cooled hopes for negative rates in the UK in the future. The central bank kept its monetary policy unchanged, and even hinted at slower bond buying. GBP appreciated despite persistent dollar strength, with GBP / USD ending the day with gains in the 1.3660 price zone.
Elsewhere, the dollar outperformed its main rivals. The EUR / USD pair fell to new 2021 lows in the 1.1950 region, where it is ahead of Friday’s open.
The USD / JPY pair rose to 105.49, approaching the November high of 105.67. Commodity-linked currencies posted modest losses as gains on Wall Street prevented them from falling further against the dollar.
Gold fell to $ 1,784.90 a troy ounce, its lowest level since early December. Crude oil prices resumed their gains, with WTI ending the day near new multi-month highs above $ 56.00 a barrel.
The stock frenzy cooled, but that didn’t stop Wall Street from rallying. US indices ended the day with strong gains, with the DJIA flirting with 31,000 and the S&P at 3,860.
The focus shifts to the US data as the country will release the non-farm payroll report.
.
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.
