Forex Today: Dollar eases as optimism fades
|What you need to know on Friday, February 19:
The greenback lost momentum, as demand receded. European currencies were the most benefited with EUR/USD peaking around 1.2090 and GBP/USD surging to a fresh multi-month high of 1.3985. Commodity-linked currencies posted modest advances against its American rival.
US Treasury yields eased. Worse-than-expected US employment-related data provided short-lived support, but yields ended the day in the red. Global indexes also fell, but Wall Street managed to bounce off lows ahead of the close.
The European Central Bank published the Accounts of its latest meeting, and as the US Federal Reserve did a day before, policymakers noted that ample monetary stimulus remains essential within the current pandemic context. Tepid US employment-related data somehow confirmed slowing progress in the sector and justified the Fed’s concerns.
Gold remained under selling pressure, but intraday losses were modest. Crude oil prices, on the other hand, posted a sharp decline with WTI settling just above $60.00 a barrel. The commodity fell despite fears of shortage due to weather conditions in Texas.
Market players await news on US stimulus and easing restrictive measures in Europe. Coronavirus immunization through vaccines continues with encouraging news coming from those countries in where campaigns are more advanced. Still, Pfizer and Moderna noted their shots are less effective against the South African strain.
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