Forex Today: Dollar runs on data, optimism

FXStreet Team FXStreet

Here is what you need to know on Thursday, February 6th:

Upbeat US data continued to support the dollar. The ADP survey showed that the US private sector added 291K in January, almost doubling expectations. The ISM Non-Manufacturing PMI beat with 55.5.
European data was mixed with upward revisions to Services PMI and Composite PMI, but disappointing Retail Sales. The EUR/USD fell sub-1.1000.
GBP/USD trapped between encouraging UK data and mounting no-deal concerns. Dollar’s strength weighed more at the end of the day, with the pair settling below 1.3000.
Wall Street continued its substantial advance, with the three major indexes nearing record highs. US Treasury yields extended their recovery.
Coronavirus keeps spreading. Market talks about possible progress toward a vaccine fueled European indexes. The news was later denied by WHO Tedros, but equities retained their strength.
As suspected, Russia is against additional output cuts. Crude oil prices retreated from daily highs, but hold on to modest gains.
Gold prices spent the day in consolidative mode, with spot gold at around $1,550.
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