Forex Today: Dollar set to keep falling
|What you need to know on Wednesday, February 10:
The American dollar fell against most major rivals, once again moving alongside US Treasury yields. Government bond yields eased further after peaking early on Monday at fresh multi-month highs, as investors await for news related to a new US stimulus package.
The EUR/USD pair neared 1.2120, while GBP/USD surged past 1.3800, its highest since April 2018. The movement was purely driven by easing US Treasury yields, weighing on the greenback.
Commodity-linked currencies also advanced against the dollar, with the CAD lagging and the AUD approaching this year’s high. With the greenback still under pressure as the US session comes to an end, chances are of further declines ahead.
Gold flirted with 1,850 but trimmed most of its intraday gains to close at $1,836.60 a barrel. Crude oil prices posted modest intraday advances, with WTI ending the day at $58.30 a barrel.
Equities traded mixed, but held around their opening levels, as investors await for a substantial catalyst.
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