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Forex Today: Central banks keep delaying interest rate cuts - FXStreet

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The FX galaxy seems to have entered a broad-based consolidative phase against the backdrop of rising speculations that major central banks—with the exception of the BoJ—might now take more time to assess the start of the easing cycle.

Here is what you need to know on Wednesday, February 7:

The corrective move in the greenback prompted the USD Index (DXY) to abandon the area of recent yearly highs around 104.60 amidst an equally weak tone in US yields. Balance of Trade figures and a slew of Fed speakers are next on tap on February 7: Kugler, Collins, Barkin, and Bowman.

EUR/USD traded within the familiar range and close to the area of the 2024 low near 1.0720, remaining unable to capitalize on the renewed selling bias in the greenback. Industrial Production results in Germany will be the sole release on Wednesday.

GBP/USD rose markedly and managed to leave behind part of the recent two-day deep retracement, regaining at the same time the area beyond the key 200-day SMA. Across the Channel, BoE Breeden and Woods are due to speak along with the release of the Halifax House Price Index.

USD/JPY broke below the 144.00 support and dropped to two-day lows on the back of the marked downward bias in the greenback coupled with renewed demand for US bonds. In Japan, preliminary readings of the Coincident Index and the Leading Economic Index are due on February 7.

AUD/USD regained some balance and printed marked gains after two daily drops in a row, all in response to the sell-off in the dollar while market participants kept digesting the RBA’s hawkish hold.

In Canada, Balance of Trade results are due on Wednesday, followed by the BoC Summary of Deliberations. USD/CAD partially eroded its recent two-day advance following the weak dollar, while BoC’s T. Macklem asserted that additional time is required for monetary policy to alleviate lingering price pressures.  

Prices of WTI added to Monday’s gains and flirted with the 55-day SMA around $73.60 following news that US crude oil production could come short of expectations in 2024.

Prices of both Gold and Silver advanced on Tuesday in response to the poor performance around the greenback, declining yields in the global markets, and a mixed tone in the commodity complex.

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2024-02-06 20:21:30Z
CBMiZWh0dHBzOi8vd3d3LmZ4c3RyZWV0LmNvbS9uZXdzL2ZvcmV4LXRvZGF5LWNlbnRyYWwtYmFua3Mta2VlcC1kZWxheWluZy1pbnRlcmVzdC1yYXRlLWN1dHMtMjAyNDAyMDYyMDIx0gFpaHR0cHM6Ly93d3cuZnhzdHJlZXQuY29tL2FtcC9uZXdzL2ZvcmV4LXRvZGF5LWNlbnRyYWwtYmFua3Mta2VlcC1kZWxheWluZy1pbnRlcmVzdC1yYXRlLWN1dHMtMjAyNDAyMDYyMDIx

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