USD rise affects currency markets
February 6, 2018
Europe Market Movements
Sterling has been seeing good days, rising against the USD and EUR. Is the rise of sterling due to the weak USD or is it confidence in the UK economy and hopes of a soft Brexit? Economic data out of the UK has not been positive this week and the GBPUSD has been falling, from a peak of 1.4272 on February 2, to 1.3965 this morning at 7:32 AM GMT. EURGBP has also fallen from 1.1463 on February 1, to 1.1257 today. Traders will be following the Bank of England closely on Thursday. Follow the latest market news.
US Market Movements
The USDCAD is riding high since the positive NFP data last Friday. Traders are now eyeing the US and Canadian data out today, including US Trade Balance and API Weekly Crude Oil Stock.
Asia/Oceania Market Movements
The RBA has maintained its key interest rate unchanged but the AUD is trading lower against the USD and CAD after data showed Australia’s huge trade deficit in December. Traders, don’t miss the Australian Construction Index tonight. The JPY on the other hand, is trading higher against the USD. On the horizon, Japan’s Coincident and Economic Indexes overnight.
Oil prices have fallen by more than 1% due to wider financial turmoil which affected the oil market. Futures fell by 2% in New York on Monday and the S&P 500 energy index fell by 4.4%. Additionally, an increase in the number of US rigs searching for crude in the shale fields, could mean greater output. Today, the API Weekly Crude Oil Stock.
Stocks have suffered their worst falls in six years, apparently, due to concerns of higher US interest rates. The Dow Jones tumbled by 4.6%, the S&P 500 by 1.46% and the FTSE 100 collapsed by 3.5%. In today’s Asian trading Japan’s Nikkei has sank by over 4%, Australia’s S&P/ASX 200 by 2.7% and South Korea’s Kospi by 2.3%.
|13:30 GMT||USD: Trade Balance|
|13:30 GMT||CAD: International Merchandise Trade|
|21:45 GMT||NZD: Employment Change: Employment Rate|