Forex Today: US NFP beat expectations, US Dollar still struggles
The United States (US) released stronger-than-expected US Nonfarm Payrolls report for January, adding 130K jobs in quite an auspicious start to the year, while the Unemployment Rate ticked lower to 4.3%, and Average Hourly Earnings held steady at 3.7% over the last twelve months.

Here is what you need to know on Thursday, February 12:

The United States (US) released stronger-than-expected US Nonfarm Payrolls report for January, adding 130K jobs in quite an auspicious start to the year, while the Unemployment Rate ticked lower to 4.3%, and Average Hourly Earnings held steady at 3.7% over the last twelve months.

The US Dollar Index (DXY) is trading near the 96.80 price zone, slightly down on the day despite the stronger-than-expected US jobs report. Dovish expectations for the second half of the year for the Federal Reserve (Fed) continue to weigh on sentiment.

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 Swiss Franc.

USD EUR GBP JPY CAD AUD NZD CHF
USD 0.10% 0.06% -0.96% 0.05% -0.85% -0.22% 0.30%
EUR -0.10% -0.05% -1.09% -0.05% -0.94% -0.33% 0.20%
GBP -0.06% 0.05% -1.04% -0.00% -0.90% -0.28% 0.24%
JPY 0.96% 1.09% 1.04% 1.04% 0.12% 0.79% 1.30%
CAD -0.05% 0.05% 0.00% -1.04% -0.91% -0.26% 0.22%
AUD 0.85% 0.94% 0.90% -0.12% 0.91% 0.62% 1.15%
NZD 0.22% 0.33% 0.28% -0.79% 0.26% -0.62% 0.53%
CHF -0.30% -0.20% -0.24% -1.30% -0.22% -1.15% -0.53%

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).

USD/JPY is trading near the 152.80 price region, sliding near a two-week low after Prime Minister Sanae Takaichi secured a decisive election victory.

AUD/USD is trading near the 0.7130 level as the pair reached a three-year high. The Australian Dollar (AUD) is benefiting from the release of China’s Consumer Price Index (CPI), as China is Australia’s main trading partner.

EUR/USD is trading close to the 1.1880 price zone, declining from the one-week high posted on Tuesday, after trimming a part of its losses following the NFP release.

GBP/USD is little changed throughout the day, trading near the 1.3640 level as the pair awaits the United Kingdom (UK) flash Gross Domestic Product (GDP) due on Thursday.

Gold is trading near the $5,092 price zone, with a slight surge and ignoring the US jobs data.

What's next in the docket:

Thursday 12:

  • UK flash Gross Domestic Product (GDP) (Q4).

Friday 13:

  • RBNZ Inflation Expectations (Q1).
  • Swiss January CPI.
  • Eurozone flash GDP (Q4).
  • US January CPI.

Gold FAQs

Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.


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Baca Selengkapnya

KUOTASI LANGSUNG

Nama / Simbol
Grafik
% Perubahan / Harga
GBPUSD
Perubahan 1 hari
+0%
0
EURUSD
Perubahan 1 hari
+0%
0
USDJPY
Perubahan 1 hari
+0%
0

SEMUA TENTANG FOREX

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