Forex Today: Risk-off backs dollar and yen

FXStreet Team FXStreet

Here is what you need to know on Monday, February 10th:

The coronavirus continues to spread: the death toll is above 800 according to the latest data, market players concerned about its effect on economic growth.
The dollar closed the week at yearly highs against most major rivals. European currencies were particularly weak, with the EUR down on dismal German data and the GBP weighed by concerns about the UK’s future relationship with the EU.
Wall Street retreated sharply from record highs achieved mid-week. Government debt yields trimmed weekly gains on the back of renewed demand for safe-haven assets.
A mixed US employment report lent support to the dollar. The economy added 225K new jobs in January, but sharp revision, up to 541K were made to payrolls between 2018 and 2019.
China to release inflation figures and money data at the beginning of the day.
Cryptocurrencies rallied throughout the weekend, BTC above $10,000.

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FXStreet Team

FXStreet

EUR/USD faces next resistance near 1.1930

EUR/USD has surrendered its earlier intraday advance on Thursday and is now hovering uncomfortably around the 1.1860 region amid modest gains in the US Dolla. Moving forward, markets are exoected to closely follow Friday’s release of US CPI data.

GBP/USD change course, nears 1.3600

GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.

Gold plunges on sudden US Dollar demand

Gold drops markedly on Thursday, challenging the $4,900 mark per troy ounce following a firm bounce in the US Dollar and amid a steep sell-off on Wall Street, with losses led by the tech and housing sectors.

Ripple collaborates with Aviva Investors to tokenize funds as XRP interest declines

Ripple (XRP) exhibits subtle recovery signs, trading slightly above $1.40 at the time of writing on Thursday, as crypto prices broadly edge higher. Despite the metered uptick, risk-off sentiment remains a concern across the crypto market, as retail and institutional interest dwindle.

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.

Aster Price Forecast: Demand sparks on Binance Wallet partnership for on-chain perpetuals

Aster is up roughly 9% so far on Thursday, hinting at the breakout of a crucial resistance level. Aster partners up with Binance wallet for the second season of the on-chain perpetuals challenge.