Forex Today: Dollar gains amid a dismal mood – by ValBednarik XAUUSD EURUSD GBPUSD CryptoCurrencies YieldCurve
The US dollar gained upward traction ahead of Wall Street's opening, accelerating its advance at the end of the day as US indexes plunged ahead of the close. The most notorious decline was , reaching a fresh weekly low of $1,859.72 a troy ounce. It bounced modestly from the level but trades at its lowest in over a month.
approached 1.0800 but faltered ahead of the level and trades at around 1.0740. The German Harmonized Index of Consumer Prices unexpectedly rose by 9.2% YoY in January, below the 10% expected and easing from the previous 9.6%.but also from comments from Richmond Federal Reserve President Thomas Barkin, who said that the effects of the Fed's policy tightening has been substantial while adding that macroeconomic data put back the risk of a recession.
At the time being, the yield on the 10-year Treasury note stands at 3.67%, up 4 bps, while the 2-year note offers 4.50%, up 5 bps. GBP/USD peaked at 1.2191, holding on to gains but currently trading at around 1.2120. The Bank of England Monetary Policy Report Hearings provided support to the Pound. Governor Andrew Bailey, Chief Economist Huw Pill and policymaker Jonathan Haskel testified before the UK Treasury Select Committee. Among other things, they said that they expect inflation "to come down rapidly this year.
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