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Forex Today: Risk-off backs dollar and yen

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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