Forex Today: Dollar keeps strengthening ahead of Nonfarm Payrolls data
|What you need to know on Friday, February 5:
The Bank of England gathered most of the market’s attention this Thursday, as policymakers cooled hopes for soon-to-come negative rates in the UK. The central bank left its monetary policy unchanged, and even hint slower bond-purchasing. The GBP appreciated despite the persistent dollar’s strength, with GBP/USD ending the day with gains in the 1.3660 price zone.
Elsewhere, the greenback outperformed its major rivals. The EUR/USD pair fell to fresh 2021 lows in the 1.1950 region, where it stands ahead of Friday’s opening.
The USD/JPY pair surged to 105.49, nearing November high at 105.67. Commodity-linked currencies posted modest losses, as Wall Street gains prevented them from falling further vs the greenback.
Gold plunged to $ 1,784.90 a troy ounce, its lowest since early December. Crude oil prices resumed their advances, with WTI ending the day near fresh multi-month highs above $56.00 a barrel.
Stocks-frenzy cooled down, but that didn’t prevent Wall Street from rallying. US indexes finished the day with solid gains, with the DJIA flirting with 31,000 and the S&P at 3,860.
Focus shifts to US data, as the country will release the Nonfarm Payroll report.
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