What you need to know on Thursday, February 11:
The US dollar remained under pressure, losing ground to most major rivals. EUR / USD hit 1.2143, while GBP / USD hit a multi-year high of 1.3865. Commodity-linked currencies traded smoothly within limited intraday ranges. Investors are still waiting for a reason to move the currencies one way or another.
Wall Street hit all-time highs in pre-opening trading, but underwent a sharp U-turn, to close the day on a mixed basis. Major indices trimmed most of their losses and posted modest intraday gains, but pushed Asian and European futures lower, anticipating some risk in early trading Thursday. There was no particular catalyst behind the drop, although some analysts attribute it to profit-taking.
Additionally, Elon Musk tweeted that he bought some “Dogecoin for Lil X, so he can be a little boy headline”, taking it to an intraday high of 0.08880.
In the UK, Prime Minister Boris Johnson’s report on the coronavirus situation revealed that 13 million people received their first dose of vaccine. Johnson added that people have to get used to the idea of ​​revaccination in the fall to respond to new strains of virus. Meanwhile, BOE Governor Andrew Bailey urged the EU not to get into a fight with Britain over the post-Brexit financial services trade.
The head of the US Federal Reserve, Jerome Powell, gave a speech in the American afternoon, but reiterated well-known concepts about the Fed’s monetary policy. His words went unnoticed by currencies, but helped stocks rebound.
Japan celebrates a holiday on Thursday, while Chinese markets will be closed from Friday, amid the New Year celebrations. Volumes can contract and trading can be rocky.
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