OctaFX | OctaFX Forex Broker
Open trading account

Forex Today: Fears temporarily set aside

Here is what you need to know on  Wednesday, February 5th:

  • The financial world set temporarily aside coronavirus concerns and focused on US economic health, leading to some dollar gains, particularly against safe-haven rivals. The EUR/USD pair closed in the red for a second consecutive day at around 1.1050.
  • The UK Markit Construction PMI triggered a sharp U-turn in GBP/USD. The pair bottomed at 1.2940 on Brexit-related concerns, recovering roughly 100 pips with the upbeat report.
  • The USD/JPY surged to its highest in two weeks, settling at around 109.50, as the market mood improved. Yields were firmly higher with the yield on the benchmark 10-year Treasury note hitting 1.62%.
  • Commodity-linked currencies posted modest recoveries, led by soaring equities and in spite of sharp declines in oil and gold prices.
  • Wall Street soared, with the DJIA up around 500 points.
  • Gold prices plummeted with spot flirting with $1,550.00 a troy ounce.
  • Crude oil prices kept falling amid fears of easing demand, WTI settled below $50.00 a barrel.
  • Crypto Today: XRP shoots for the skies as critical barrier is broken

USD/KRW to peak during the first quarter – MUFG

Analysts at MUFG Bank, forecast the USD/KRW will trade at 1210 during the first quarter, at 1200 in the second quarter and at 1165 in the fourth. With
Read more Previous

US Dollar Index Asia Price Forecast: DXY grinds up, challenges 98.00 figure

The US dollar index (DXY) is bouncing from last Friday’s retracement. The market is trading back above the main simple moving averages (SMAs).
Read more Next
Start livechat