Forex Today: Dollar bends but doesn’t break

FXStreet Team FXStreet

Here is what you need to know on Friday, January 31st:

The USD eased against high-yielding rivals but appreciated against commodity-linked currencies. Against safe-haven, the greenback spent most of the day losing ground, recovering ahead of Wall Street’s close after the WTO press conference on the coronavirus.
US preliminary estimate of Q4 GDP met the market’s expectations with 2.1% but failed to boost dollar’s buying.
The EUR/USD pair settled at around 1.1030 amid easing demand for the dollar.
The BOE surprised with a hawkish stance, GBP/USD hit 1.3108. Only 2 MPC voted for a rate cut, against expectations of at least 3. Governor Carney was cautiously optimistic.
The WTO declared the coronavirus outbreak an international emergency but overall was optimistic about contention, with risk-aversion easing ahead of the close.
USD/JPY traded as low as 108.57, recovering toward 108.90.
Gold soared to $ 1,586 a troy ounce shedding some $10 ahead of the close and following WTO presser.
Crude oil prices fell sharply at the beginning of the day, recovering ahead of the close.
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