What you should know on Tuesday, February 8:
The week started in slow motion and the dollar ended the day mixed across the board. It managed to gain some ground against its European rivals, although EUR/USD remained above 1.1400, while GBP/USD hovered around 1.3530.
The President of the European Central Bank, Christine Lagarde, poured cold water on speculation about rate hikes. Speaking before the EU Parliament, she said there was no sign of inflation rising significantly above the bank’s 2% medium-term target.
Commodity-linked currencies, on the other hand, managed to advance with AUD/USD trading around 0.7120 and USD/CAD accelerating its decline late in the day to trade at the 1.2660 price zone.
Gold maintained its bullish stance throughout the day, closing the American session at $1,820 a troy ounce. Crude prices, however, retreated from multi-year highs with WTI trading at $91.20 a barrel.
Stocks traded mixed, unable to find a clear direction. Wall Street is about to close mixed with major indices trading around their opening levels.
US Treasury yields rose sharply ahead of the open, maintaining gains but pulling back from intraday highs.
In general terms, the week will be light in terms of macroeconomic releases, although the US will publish January inflation next Thursday.
Source: Fx Street
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