Forex Today: Dollar falls, oil rises on stimulus, vaccine optimism, Bitcoin retreats from near $50K

Here is what you need to know on Monday, February 15:

The market mood is upbeat amid optimism about upcoming US stimulus and upbeat vaccine developments, most evident in oil's ascent above $60. Bitcoin has retreated from near $50K while US and Chinese holidays cause thinner volume.

US Stimulus: The US Senate acquitted former President Donald Trump in his impeachment trial after failing to reach a two-thirds majority. The end of the proceedings clears the way for driving through a larger coronavirus relied on the package. President Joe Biden is working with moderate Democrats on a bill worth up to $1.9 trillion.

Vaccine: A large scale study in Israel has shown that Pfizer's vaccine causes a drop of 94% in symptomatic COVID-19 disease. The research compared 600,000 people that received two doses of the vaccine with a group of the same size that has not, and was controlled for various factors. 

WTI Crude Oil has topped $60, joining Brent in surpassing this round number. Hopes for a rapid global recovery and output cuts enacted earlier in the year are pushing the black gold higher.

UK: Britain hit the milestone of jabbing 15 million people by February 15, reaching priority groups in most places. Prime Minister Boris Johnson is under growing pressure to ease restrictions ahead of his February 22 speech on the topic. GBP/USD reached a new 34-month high of 1.39.

Mario Draghi has become Prime Minister of Italy after receiving broad support from almost all political parties. His nomination boosted confidence in the eurozone's third-largest economy. EUR/USD is trading above 1.2 ahead of industrial output figures from the old continent. 

Bitcoin is changing hands at around $47,000, down from the highs above $49,000, following reports that Morgan Stanley's investment arm is exploring betting on the granddaddy of cryptocurrencies. Tesla's founder Elon Musk continued touting Dogecoin. 

More: Dogecoin price at risk of 70% correction as Elon Musk grows concerned about DOGE whales

Japan's economy grew by 3% in the fourth quarter of 2020, beating expectations and placing the world's third-largest economy on a better footing. It is unclear if the Olympic Games will go ahead in Tokyo in July. USD/JPY is hovering around 105. 

New Zealand placed Auckland in a three-day lockdown and the rest of the country under restrictions after a family of three tested positive for covid. NZD/USD is shrugging off the news and edging higher. 

US stocks markets are closed on Monday for Presidents' Day, while China and several other Asian countries extend their New Year holidays. 

More  Best Stocks to Buy Forecast 2021: Vaccines and zero rates to broaden recovery



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD advances towards 1.2200 amid US dollar weakness

EUR/USD nears 1.2200, sitting at fresh monthly highs as reflation trade weighs on the safe-haven US dollar. However, the further upside could remain elusive amid surging Treasury yields. US stimulus news, GDP reported awaited. 


GBP/USD holds gains above 1.4150, 1.42 still in sight

GBP/USD stays on the front foot above 1.4150 ahead of Thursday’s London open. The cable benefits from broad-based US dollar weakness, as the reflation wave lifts the appetite for riskier assets. Focus on key US data.


Dogecoin on the verge of a 75% lift-off

Dogecoin price has been lull ever since the local top on February 7. However, a 20% surge due to Elon Musk’s recent endorsement has led to a breakout from a bull flag pattern. Now, the meme coin could surge 75% to record levels soon. 

Read more

XAU/USD eyes $1770 amid symmetrical triangle breakdown

XAU/USD spots symmetrical triangle breakdown on the 1H chart. RSI point south, within the bearish zone, allowing more declines. Downside more compelling amid a bunch of healthy resistance levels.

Gold news

US Dollar Index looks depressed near 90.00 ahead of data

The US Dollar Index (DXY), which tracks the greenback vs. a bundle of its main rivals, remains under heavy pressure around the key 90.00 neighbourhood in the second half of the week.

US Dollar Index News