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Summary
European Market Update – Key movers overnight have been the sterling and Oil. The pound was negatively affected by a poll showing the Tory party to have lost some support versus recent polls, which follows the unexpected downward revision to GDP figures. Cable has remained heavy in the wake of yesterday’s disappointing growth data out of the UK. A hefty drop in oil prices occurred after OPEC and allies delivered the well anticipated nine-month extension to the prevailing volume reduction in supply.
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Gold plunges on sudden US Dollar demand
Gold drops markedly on Thursday, challenging the $4,900 mark per troy ounce following a firm bounce in the US Dollar and amid a steep sell-off on Wall Street, with losses led by the tech and housing sectors.
EUR/USD turns negative near 1.1850
EUR/USD has given up its earlier intraday gains on Thursday and is now struggling to hold above the 1.1850 area. The US Dollar is finding renewed support from a pick-up in risk aversion, while fresh market chatter suggesting Russia could be considering a return to the US Dollar system is also lending the Greenback an extra boost.
GBP/USD change course, nears 1.3600
GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.
LayerZero Price Forecast: ZRO steadies as markets digest Zero blockchain announcement
LayerZero (ZRO) trades above $2.00 at press time on Thursday, holding steady after a 17% rebound the previous day, which aligned with the public announcement of the Zero blockchain and Cathie Wood joining the advisory board.
A tale of two labour markets: Headline strength masks underlying weakness
Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.
Here is what you need to know on Thursday, February 12:
The US Dollar stays resilient against its rivals in the second half of the week, supported by the upbeat labor market data for January. The US economic calendar will feature weekly Initial Jobless Claims and January Existing Home Sales data on Thursday.