Forex Today: BoE dovish hold sinks GBP, DXY surges and Gold slips
Financial markets revolved around European central banks’ monetary policy decisions.

Here is what you need to know on Friday, February 6:

Financial markets revolved around European central banks’ monetary policy decisions.

First, the Bank of England (BoE) delivered a dovish hold, spurring near-term weakness to the British Pound (GBP) as the Monetary Policy Committee voted 5–4 to maintain the Bank Rate at 3.75%, with Governor Andrew Bailey saying "there should be scope for some further easing of policy" later this year.. The European Central Bank (ECB) also maintained the deposit facility rate unchanged at 2% and reiterated that monetary policy is in a “good place.”

The US Dollar Index (DXY) is trading near the 97.80 price zone, surging from its intraday lows even after the number of United States (US) citizens submitting new applications for unemployment insurance rose to 231K for the week ending January 31. The latest report showed a higher figure than initial estimates (212K) and exceeded the previous week's unrevised count of 209K. JOLTS Job Openings were also disappointing, down in December to 6.542 million from 6.928 million in November.

US Dollar Price Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the British Pound.

USD EUR GBP JPY CAD AUD NZD CHF
USD 0.05% 0.77% -0.02% 0.09% 0.48% 0.38% 0.00%
EUR -0.05% 0.72% -0.06% 0.04% 0.43% 0.33% -0.04%
GBP -0.77% -0.72% -0.77% -0.67% -0.29% -0.38% -0.75%
JPY 0.02% 0.06% 0.77% 0.11% 0.50% 0.38% 0.03%
CAD -0.09% -0.04% 0.67% -0.11% 0.39% 0.29% -0.08%
AUD -0.48% -0.43% 0.29% -0.50% -0.39% -0.09% -0.47%
NZD -0.38% -0.33% 0.38% -0.38% -0.29% 0.09% -0.37%
CHF -0.01% 0.04% 0.75% -0.03% 0.08% 0.47% 0.37%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

EUR/USD is trading near the 1.1800 level, seeing little movement after the ECB delivered the expected interest rate hold.

GBP/USD is trading near the 1.3550 price zone, having a rough slip after the BoE delivered a dovish hold.

AUD/USD is trading near 0.6970, with little downward movement during the American session despite USD strength.

USD/CAD is trading near 1.3670 at a neutral level in the late American session. The pair awaits the Canadian Employment data and the US Michigan Consumer Sentiment Index on Friday.

USD/JPY is trading near the 156.80 price zone, unchanged on a daily basis after downbeat US employment data.

Gold slipped and is now trading near the $4,870 level after failing to hold the $5,000 mark.

What’s next in the docket:

Friday, February 6:

  • Canada January Net Change in Employment.
  • US Preliminary February Michigan Consumer Sentiment Index.

Sunday, February 8:

  • Japanese General Elections.
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Name / Symbol
Diagramm
% Änderung / Preis
GBPUSD
1 T Änderung
+0%
0
EURUSD
1 T Änderung
+0%
0
USDJPY
1 T Änderung
+0%
0

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