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Summary
Things are not looking that great in the US economy and the dollar begins letting it go. However, the main culprit regarding the dollar's fall is the US President. Every day is followed by a new revelation, with the FBI firing and the disclosure of classified data hurting. Other major currencies are stable but also feel some pressure. And for a change, commodity currencies are enjoying a recovery, rising with the price of oil on hopes for an extension of cuts. Commodity currencies remain in the limelight with the Australian jobs report ant the Canadian inflation data. And of course, we have top-tier UK data coming up.
Watch full analysis: Live Europe Market: USD on the back foot on Trump, the economy
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USD/JPY rebounds above 153.00 ahead of US inflation data
USD/JPY stages a comeback and regains 153.00 in the Asian session, snapping a four-day losing streak amid some repositioning ahead of the US CPI report. However, expectations that Japan's PM Sanae Takaichi could be more fiscally responsible, along with bets that the BoJ will stick to its policy normalization path and the risk-off mood, could support the safe-haven Japanese Yen, capping the pair's upside.
Gold: Will US CPI data trigger a range breakout?
Gold retakes $5,000 early Friday amid a turnaround from weekly lows as US CPI data loom. The US Dollar consolidates weekly losses as AI concerns-driven risk-off mood stalls downside. Technically, Gold appears primed for a big range breakout, with risks skewed toward a bullish break.
AUD/USD consolidates below 0.7100 as traders await US CPI report
AUD/USD consolidates the previous day's retracement slide from the vicinity of mid-0.7100s, or a three-year high, holding below 0.7100 as traders move to the sidelines ahead of Friday's release of the US consumer inflation figures. In the meantime, the divergent RBA-Fed outlooks might continue to support spot prices amid subdued US Dollar demand, though the risk-off impulse could act as a headwind for the Aussie.
Top Crypto Gainers: River faces resistance, Humanity Protocol steadies, Polygon rebounds
Altcoins, including River, Humanity Protocol and Polygon, rank as top-performing cryptocurrencies in the last 24 hours, defying the broader market pullback as Bitcoin dropped below $67,000.
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 Friday, February 13:
The US Dollar (USD) holds around 97 in the American session on Thursday after Wall Street fell sharply on fresh AI-related fears, as the tech sector is far from generating decent profits.