Forex Today: Market players waiting for the next catalyst

Valeria Bednarik FXStreet

What you need to know on Tuesday, February 8:

The week started in slow motion, and the dollar ended the day mixed across the board. It managed to add some ground against its European rivals, although EUR/USD held above 1.1400, while GBP/USD settled at around 1.3530.

European Central Bank President Christine Lagarde poured cold water on rate hikes speculation. Speaking before the EU Parliament she said that there is no sign that inflation will measurably exceed the bank's 2% target in the medium term.

Commodity-linked currencies, on the other hand, managed to advance with AUD/USD trading at around 0.7120 and USD/CAD accelerating its slide at the end of the day to trade in the 1.2660 price zone.

Gold maintained its bullish stance throughout the day, ending the American session at $1,820 a troy ounce. Crude oil prices, however, retreated from their multi-year highs and WTI settled at $91.20 a barrel.

Equities traded mixed, unable to find a clear direction. Wall Street is poised to close mixed with the major indexes trading around their opening levels.

US Treasury yields were sharply up ahead of the opening, holding on to gains, but pulling back from intraday highs.

Generally speaking, the week will be light in terms of macroeconomic releases, although the US will publish January Inflation on Thursday.

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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