This is what you need to know to trade today Wednesday February 9:
Major currency pairs continue to trade in relatively tight ranges mid-week amid a lack of high-level data releases and fundamental drivers. The US dollar index is trading sideways near 95.50 after posting small gains on Tuesday and investors await the 10-year US Treasury bond auction ahead of critical inflation data on Thursday.
Market sentiment remains bullish early in the European session, with US stock futures up 0.3%-0.5%. The benchmark yield on 10-year US Treasuries, which rose to its highest level since August 2019 at 1.97% on Tuesday, fell more than 1% to 1.94% earlier Wednesday.
Easing concerns about a military conflict between Russia and Ukraine appear to be allowing risk flows to maintain control of the markets. Crude oil prices continue to slide with West Texas Intermediate (WTI) posting small losses near $89.50 a barrel after shedding more than 2% on Tuesday. On the other hand, Bloomberg reported a few hours ago that China fell 33% short of its commitments to purchase goods in the Phase 1 trade agreement with the US.
The EUR/USD It briefly dipped below 1.1400 on Tuesday, but managed to end the day above that level. There will be no major macroeconomic data releases in the Eurozone and the pair is likely to remain in a consolidation phase.
The GBP/USD closed virtually unchanged on Tuesday and continues to move sideways near 1.3550 heading into the European session on Wednesday.
The AUD/USD continues to inch higher and trades above 0.7150 after closing the first two trading days of the week in positive territory. Data from Australia showed Westpac Consumer Confidence improved to -1.3% in February from -2% in January.
The gold stretched higher and is now trading at its strongest level in two weeks above $1,820.
The USD/JPY seems to have lost its bullish momentum near 115.50 after gaining 50 pips on Tuesday. The pullback in US Treasury yields is limiting the pair’s upside potential.
The Bitcoin it topped $45,000 for the first time in more than a month on Tuesday, but erased a large portion of its daily gains before closing at $44,000. At press time, BTC/USD was down modestly to $43,700. The ethereum It snapped a five-day winning streak on Tuesday, but continues to trade above $3,000.
Source: Fx Street
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