Here’s what you need to know on Wednesday, February 11th.
The private sector added about 65,000 jobs on average during the four weeks that ended on January 24, a notable increase from just 5,000 jobs the previous week, according to the U.S. ADP. Meanwhile, retail sales remained stagnant in December, falling short of the anticipated 0.4% rise and also below the 0.6% increase seen in November.
The US Dollar Index (DXY) is trading around 96.80, recovering a bit from earlier losses as markets look ahead to the release of January Non-Farm Payrolls (NFP) scheduled for Wednesday and the January Consumer Price Index (CPI) on Friday.
GBP/USD is trading close to the 1.3650 mark, showing a decline as the market considers the Bank of England’s dovish stance, with expectations already set for a 50 basis point rate cut by the end of the year.
As for EUR/USD, it’s hovering around 1.1890, with intraday gains tapering off and remaining within neutral territory. This pair is also eyeing Friday’s preliminary gross domestic product (GDP) data from the Eurozone.
AUD/USD sits at about 0.7070, experiencing little movement so far today.
The dollar/yen pair dipped to a weekly low of 154.50 as market participants reacted to the general election in Japan, which looks to favor the current Prime Minister Sanae Takaichi.
Gold prices have remained relatively stable, trading around $5,010, as geopolitical tensions appear to be easing somewhat.
What’s on the agenda next?
Wednesday 11:
- Consumer Price Index (CPI) for January in China.
- U.S. non-farm payrolls data for January.
Thursday 12:
- UK gross domestic product (GDP) for Q4 to be released.
Friday 13:
- RBNZ Inflation Expectations for Q1.
- Swiss January CPI figures.
- Eurozone preliminary GDP for Q4.
- U.S. January CPI data.
