Forex Today: Investors cheer stimulus and vaccine hopes, Nonfarm Payrolls hints eyed - FXStreet

Here is what you need to know on Wednesday, February 3:

Markets are cheering prospects of robust US stimulus, impressive earnings from tech companies, and upbeat vaccine news. The US dollar is holding its ground as higher yields offset diminished safe-haven flows. Hints toward the Nonfarm Payrolls and additional vaccine and political headlines are eyed

US stimulus: While President Joe Biden continues talks with Republicans, Senate Democrats have advanced the White House's original $1.9 trillion bill using the reconciliation process. It is still unclear Congress will have the votes for the full package or if a compromise will still be reached down the road. Nevertheless, stocks are rising bond are sold off. The decline in Treasury yields is underpinning the dollar's rise. 

US data: ADP's jobs report is set to show a minor gain in private-sector jobs in January after printing a loss in December. The ISM Services Purchasing Managers' Index carries expectations for a minor slowdown, albeit from higher levels. 

See

Jeff Bezos is stepping down as CEO of Amazon, the online retail behemoth. The news came alongside record earnings for the firm and impressive ones for Alphabet, Google's parent company, as well and both figures helped to boost shares. 

GameStop, the poster child of the recent short-squeeze battle between retail traders and hedge funds, has tumbled by over 60% to close below $100. Other shares highlighted on WallStreetBets are also on the back foot but to varying degrees. Here is FXStreet's new equities hub

Vaccines: AstraZeneca said that spacing its two COVID-19 jabs three months apart increases the efficacy to 82%, vindicating the UK's approach and also providing hope for the EU which has ordered a large number of doses. Studies of Russia's Sputnik V immunization showed a high efficacy rate of 92%. In Israel, the world's leader in vaccinations, severe illness and hospitalizations are falling amid the over 60, which were first to receive the jabs. 

Europe: European Commission President Ursula von der Leyen has reportedly taken responsibility for the bloc's debacle over vaccines, especially related to the border on Ireland. Fears of a double-dip recession weigh on the euro. 

Mario Draghi, former President of the European Central Bank, may return as Prime Minister of Italy. The renowned technocrat is set to meet the nation's president and try to form a government after current PM Giuseppe Conte failed to muster a majority. EUR/USD remains close to 1.20 ahead of final Services PMIs. 

WTI Crude Oil prices are on the rise as hopes for growing demand and high compliance from OPEC+ members are in play.

Cryptocurrencies are advancing with Ethereum standing out. Vitalik Buterin's brainchild has hit a new all-time high above $1,500 and Dogecoin is also of high interest. More DOGE’s future is defined by two crucial price levels

Let's block ads! (Why?)

https://www.fxstreet.com/news/forex-today-investors-cheer-stimulus-and-vaccine-hopes-nonfarm-payrolls-hints-eyed-202102030657

2021-02-03 06:57:00Z
CBMifWh0dHBzOi8vd3d3LmZ4c3RyZWV0LmNvbS9uZXdzL2ZvcmV4LXRvZGF5LWludmVzdG9ycy1jaGVlci1zdGltdWx1cy1hbmQtdmFjY2luZS1ob3Blcy1ub25mYXJtLXBheXJvbGxzLWhpbnRzLWV5ZWQtMjAyMTAyMDMwNjU30gGBAWh0dHBzOi8vd3d3LmZ4c3RyZWV0LmNvbS9hbXAvbmV3cy9mb3JleC10b2RheS1pbnZlc3RvcnMtY2hlZXItc3RpbXVsdXMtYW5kLXZhY2NpbmUtaG9wZXMtbm9uZmFybS1wYXlyb2xscy1oaW50cy1leWVkLTIwMjEwMjAzMDY1Nw

Bagikan Berita Ini