This is what you need to know to trade today thursday february 9:
Despite hawkish comments from Fed officials, the US dollar struggled to outperform its rivals midweek amid falling US Treasury yields. Market participants will continue to The hearings on Monetary Policy of the Bank of England (BoE) are close and the European Commission will publish its economic growth forecasts on Thursday. In the United States, the weekly requests for unemployment benefits will be published and investors will be awaiting the statements of the members of various central banks.
Wall Street’s main indexes posted big losses on Wednesday, led by the communication services sector, which fell more than 4%. Meanwhile, the benchmark 10-year US Treasury yield snapped a three-day winning streak and lost nearly 2%, preventing the US dollar from capitalizing on the risk-adverse market environment. New York Fed President John Williams and Fed Governors Lisa Cook and Christopher Waller said the Fed will have to maintain a tight policy for some time, citing uncertainty surrounding the inflation outlook.
As of early Thursday, US stock index futures were up 0.4-0.5%, pointing to improving market sentiment, and the 10-year US Treasury yield is holding steady at around 3.6%.
The pair EUR/USD gained traction and rallied towards 1.0750 on Thursday, after closing virtually unchanged on Wednesday. Data from Germany revealed that the annual Harmonized Index of Consumer Prices (HICP) fell to 9.2% in January from 9.6% in December. This reading was below market expectations of 10%, which has made it difficult for the euro to gain more strength.
He GBP/USD managed to post small gains on Wednesday and rallied a few points above 1.2100 early Thursday. BoE Governor Andrew Bailey, Chief Economist Huw Pill and Monetary Policy Committee members Silvana Tenreyro and Jonathan Haskel will answer Treasury Committee questions on policy decisions starting at 0945 GMT.
The pair USD/JPY continues to trade in a relatively tight channel above 131.00 as investors anxiously await the appointments of the next Bank of Japan governor.
The price of gold took advantage of falling US yields on Wednesday and closed the third straight session marginally higher. As of early Thursday, the XAU/USD pair is trading slightly higher at around $1,880.
Bitcoin it closed below $23,000 on Wednesday and hit its lowest level in two weeks at $22,360 early Thursday. At time of writing, the BTC/USD pair is down more than 1% on the day, sitting at $22,650. After the recovery on Tuesday, ethereum reversed direction and lost more than 1% on Wednesday. ETH/USD remains lower in the European morning on Thursday and falls back towards $1,600.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
