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Summary
The Day So Far…
A quiet start to the trading week despite the plethora of headlines on the escalation of geopolitical tension following last weeks Syrian air strike. Both Russian President Putin and his Iranian counterpart Rouhani condemned the attack over the weekend deeming it unacceptable and a violation of international law, according to the Kremlin. Meanwhile, the UK Foreign Secretary Boris Johnson has cancelled his meeting with Russian officials as he is understood to be working on a proposal from G7 nations to impart sanctions on Russia unless it complies with their request to remove troops from Syria and their backing of Bashar al-Assad, a move that has been widely mocked by the Russian government. Meanwhile, the US military have wasted no time in reinforcing last weeks action by ordering a navy strike group to move towards the Korean peninsula, a move that saw Korea assets under-perform overnight in Asia-Pac trade with the cost of hedging against potential losses in the Korean Won surging to a 9-month high.
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AUD/USD now targets the 0.7150 zone
AUD/USD has rapidly left behind Tuesday’s pullback, advancing sharply to three-year highs past the 0.7100 barrier on Wednesday. The pair’s strong performance follows investors’ assessment of the RBA’s hawkish message and the likelihood of further tightening down the road.
EUR/USD faces next resistance near 1.1930
EUR/USD continues to build on its recovery in the latter part of Wednesday’s session, with upside momentum accelerating as the pair retargets the key 1.1900 barrier amid a further loss of traction in the US Dollar. Attention now shifts squarely to the US data docket, with labour market figures and the always influential CPI releases due on Thursday and Friday, respectively.
Gold holds on to higher ground ahead of the next catalyst
Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.
UNI faces resistance at 20-day EMA following BlackRock's purchase and launch of BUIDL fund on Uniswap
Decentralized exchange Uniswap (UNI) announced on Wednesday that it has integrated asset manager BlackRock's tokenized Treasury product on its trading platform via a partnership with tokenization firm Securitize.
US jobs data surprises to the upside, boosts stocks but pushes back Fed rate cut expectations
This was an unusual payrolls report for two reasons. Firstly, because it was released on Wednesday, and secondly, because it included the 2025 revisions alongside the January NFP figure.
Here is what you need to know on Thursday, February 12:
The United States (US) released stronger-than-expected US Nonfarm Payrolls report for January, adding 130K jobs in quite an auspicious start to the year, while the Unemployment Rate ticked lower to 4.3%, and Average Hourly Earnings held steady at 3.7% over the last twelve months.