Ed Ponsi, CTA
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AUD/USD slides to 0.6900, two-week low amid risk-off impulse
AUD/USD drifts lower for the third consecutive day and drops to a two-week low, around 0.6900, during the Asian session on Friday. Despite the RBA's hawkish rate hike earlier this week, deteriorating risk sentiment drives flows away from the Aussie amid an extension of the recent US Dollar recovery from a four-year low. The currency pair now seems poised to register losses for the first time in three weeks.
USD/JPY strengthens to two-week high near 157.00 ahead of Japan snap election
The USD/JPY pair gains momentum to a two-week high near 157.00 during the early Asian session on Friday. The Japanese Yen remains under selling pressure against the US Dollar ahead of Japan's snap general election on Sunday. The preliminary reading of the Michigan Consumer Sentiment Index report for February will be released later on Friday.
Gold falls below $4,700 as traders book profits
Gold price tumbles to around $4,680 during the early Asian session on Friday. The precious metal extends the decline as traders cover losses from equities and adjust positions. The preliminary reading of the Michigan Consumer Sentiment Index report for February is due later on Friday.
Bitcoin and top cryptos plummet further as analyst terms market crash 'structural'
Bitcoin has declined below $65,000 on Thursday, down 11% over the past 24 hours. The move marks its largest decline since the October 10 leverage flush. Since then, the top crypto has erased more than 50% of its value since the October 10 leverage flush.
The AI mirror just turned on tech and nobody likes the reflection
Tech just got hit with a different kind of selloff. Not the usual rates tantrum, not a recession whisper, not even an earnings miss in the classic sense. This was the market staring into an AI mirror and recoiling at its reflection.
Here is what you need to know on Friday, February 6:
Financial markets revolved around European central banks’ monetary policy decisions. First, BoE delivered a dovish hold, spurring near-term weakness to the British Pound as the Monetary Policy Committee voted 5–4 to maintain the Bank Rate at 3.75%, with Governor Andrew Bailey saying "there should be scope for some further easing of policy" later this year.