What you need to know on Tuesday, February 9:
The week started in slow motion, amid the absence of a new catalyst. The macroeconomic calendar was tight and will remain so throughout the week. The currency board relied exclusively on US Treasury yields, as the dollar appreciated or fell alongside them. US Treasury yields ended the day with a loss, but the 10-year bond yield reached 1.20%, while the 30-year bond briefly surpassed 2%, its highest level since March 2020.
The major pairs remained confined to familiar levels, and the dollar ended the day with uneven losses against most of its major rivals. The EUR / USD pair found sellers around 1.2070, ending the day unchanged around 1.2050. GBP / USD once again closed a few pips below this year’s high at 1.3758.
USD / CAD was lifeless despite the rise in crude prices, while AUD / USD advanced beyond 0.7700.
EU Trade Commissioner Valdis Dombrovskis said the EU economy is expected to recover in the second quarter of the year with more immunization against the coronavirus. He added that he expects vaccination to accelerate significantly in the coming weeks and for the economy to return to pre-crisis levels in 2022.
The UK reported fewer than 100,000 new cases of coronavirus daily for the first time since November. The kingdom has vaccinated at least 17% of its population in one go. The number of new cases in the US also tends to decline, along with hospitalizations.
Gold rose, amid falling demand for the dollar. The pair closed at $ 1,832.40 a troy ounce. Crude oil prices also advanced, with the WTI closing around $ 58.00.
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