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Forex Today: Australian Dollar rises on RBA hike, US data postponed once again
Here is what you need to know on Tuesday, February 3:
USD/CAD Price Forecast: Hovers around nine-day EMA above 1.3650
USD/CAD depreciates after two days of gains, trading around 1.3660 during the early European hours on Tuesday. The technical analysis of the daily chart shows the pair remains close to the upper boundary of the descending channel, suggesting a potential for bullish reversal.
AUD: Interest rate hike boosts outlook – Commerzbank
The Australian Dollar is benefiting from a recent interest rate hike by the Reserve Bank of Australia, which raised rates to 3.85%. The RBA's more hawkish projections for inflation and interest rates have also supported the AUD.
Japanese Yen lacks bullish conviction as fiscal concerns counter intervention fears
The Japanese Yen (JPY) struggles to capitalize on its modest intraday gains against a softer US Dollar (USD) amid domestic political uncertainty ahead of the snap election on February 8.
WTI falls to near $61.50 on possible US-Iran de-escalation
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $61.60 during the early European trading hours on Tuesday. The WTI price tumbles after reports that the United States (US) and Iran would begin talks on Friday.
Pound Sterling Price News and Forecast: GBP/USD drifts higher to near 1.3685 early European session
The GBP/USD pair gains momentum to around 1.3685 during the early European session on Tuesday. The Pound Sterling (GBP) gathers strength against the Greenback on the cautiously hawkish stance of the Bank of England (BoE). All eyes will be on the BoE interest rate decision later on Thursday.
Turkey Consumer Price Index (MoM) came in at 4.84%, above forecasts (4.32%) in January
Turkey Consumer Price Index (MoM) came in at 4.84%, above forecasts (4.32%) in January
Turkey Consumer Price Index (YoY) came in at 30.65%, above forecasts (30%) in January
Turkey Consumer Price Index (YoY) came in at 30.65%, above forecasts (30%) in January
GBP/USD: Range-bound trading expected – UOB Group
The GBP/USD pair is anticipated to trade within a range between 1.3640 and 1.3710, following a recent decline. The outlook suggests that while downward momentum has eased, GBP is unlikely to decline further, note Quek Ser Leang, Senior Technical Strategist and Peter Chia, Senior FX Strategist at UOB
Australian Dollar remains stronger as RBA raises Official Cash Rate
The Australian Dollar (AUD) gains ground against the US Dollar (USD) on Tuesday following the Reserve Bank of Australia's (RBA) decision to raise the Official Cash Rate (OCR) by 25 basis points (bps) to 3.85% from 3.6%. The decision was widely expected by the market.
China: Soft PMI data indicates domestic challenges – ING
China's official manufacturing purchasing managers’ index (PMI) fell to 49.3 in January, indicating a contraction and coming in well below forecasts. The non-manufacturing PMI also slipped back into contraction at 49.4, marking a 37-month low.
Canadian Dollar steadies as US shutdown freezes economic data
• CAD fell against the USD as markets digest ongoing US government shutdown and suspended economic data releases.
Dow Jones Industrial Average jumps 500 points on manufacturing surge, Oracle gains
• The Dow Jones surged over 500 points on Monday as factory activity expanded for the first time in over a year.
Fed’s Bostic: Fed Chair job is a very large job
Federal Reserve (Fed) Bank of Atlanta President Raphael Bostic said that no one is projecting a worsening of the labor market and that by midyear, the economy will have reached an equilibrium, at the Rotary Club of Atlanta on Monday.
EUR/JPY steady amid political uncertainty, ECB decision in focus
EUR/JPY trades around 183.50 on Monday at the time of writing, virtually unchanged on the day, against a backdrop of persistent weakness in the Japanese Yen (JPY) and a cautious tone on the Euro (EUR) ahead of the European Central Bank’s (ECB) monetary policy announcements.
AUD/USD rebounds ahead of RBA rate call, US Dollar strength weighs
The Australian Dollar (AUD) rebounds against the US Dollar (USD) on Monday, with AUD/USD trimming earlier losses despite a broadly firmer Greenback, as traders reposition ahead of the Reserve Bank of Australia (RBA) interest rate decision due on Tuesday.
Gold slides as Warsh Fed pick, hot ISM data extends bullion unwind
Gold (XAU/USD) retreats more than 4% on Monday after the US President Donald Trump announced his pick to lead the Federal Reserve (Fed) in succession to the Fed Chair Jerome Powell. Economic data in the US paint an optimistic outlook as manufacturing activity improves.
BLS announces no NFP release on Friday amid partial government shutdown
The US Bureau of Labor Statistics (UBS) advised markets on Monday that Friday's scheduled publication of the latest Nonfarm Payrolls (NFP) jobs data package will be suspended until federal government operations resume.
Pound Sterling Price News and Forecast: Dips as Dollar stays bid on Warsh Fed pick, strong ISM data
The Pound Sterling (GBP) dives some 0.17% on Monday as the US Dollar (USD) extends its gains to two straight days, following the precious metals rout that pushed Gold prices down by over $1,000 after reaching a record high near $5,600.
Stock markets brush aside metals madness
It has been a solid day for equity markets despite the carnage in gold and silver prices, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.
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