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08.02.203 Market Report


EUR/USD is oscillating in a narrow range above 1.0700 ahead of the European open. Investors digest the latest comments from US President Joe Biden and Fed Chair Powell. The US Dollar remains on the back foot with yields ahead of Fedspeak. 


GBP/USD is trading at around 1.2050, consolidating the renewed uptick heading into Wednesday’s London open. The Cable pair justifies broad-based US Dollar softness amid a mixed market mood and sluggish US Treasury bond yields. A quiet calendar ahead. 


The USD/JPY pair has sensed a buying interest after correcting below 131.00 in the Asian session. The asset has picked demand as the risk profile expresses caution amid commentary from US President Joe Biden while addressing his second State of the Union (SOTU) and first in front of a divided Congress.


The AUD/USD pair has turned sideways after a gradual upside move above 0.6960 in the early European session. The Aussie asset is struggling to extend gains amid an absence of a potential trigger for a power-pack action in the market.


The NZD/USD pair displays back-and-forth moves around 0.6320 in the Tokyo session. The Kiwi asset has not reacted much to the announcement by novel New Zealand Prime Minister Chris Hipkins that minimum wages will be increased in line with the Consumer Price Index (CPI).


USD/CAD makes rounds to 1.3400 as bulls and bears jostle during early Wednesday morning in Europe. In doing so, the Loonie pair fails to justify dovish comments from Bank of Canada (BoC) Governor Tiff Macklem, as well as the mildly offered Oil price. Even so, the US Dollar’s failure to rebound enables the quote to remain mildly offered by the press time.


USD/CHF holds lower grounds near 0.9215, refreshing the intraday low, as the Swiss currency pair cheers broad US Dollar weakness amid Wednesday’s sluggish Asian session. In doing so, the quote drops for the second consecutive day, despite marking minor losses of late.


Oil prices fell on Wednesday following a stellar rally in the prior session, as traders stepped back to digest mixed signals on U.S. crude inventories and awaited more information on supply disruptions caused by an earthquake in Turkey. 


Gold price is attempting another run toward the $1,900 this Wednesday, building on its recovery from four-week troughs of $1,860. The latest uptick in the Gold price could be associated with a broadly subdued United States Dollar.

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