Economic and fundamental developments 04-02-2022

4 Feb 2022 10:46 AM
  • European currencies soared after central banks’ decisions, putting pressure on the greenback across the foreign exchange market.
  • The euro was heading for its best week since March 2020 and was testing a near three-month high after Thursday's hawkish shift from the European Central Bank stoked speculation about the pace and timing of rate hikes.
  • The pound also rose after the Bank of England hiked its policy rate by 25 basis points to 0.5% as expected, as all voting members aligned to hike, although 4 out of the 9 participants voted for a 0.50% hike
  • In the commodities world, Gold prices were supported by a weaker dollar on Friday as markets awaited U.S. jobs data that could impact the Federal Reserve's hawkish stance on monetary policy. in addition, Crude oil prices rallied in the US session yesterday, with WTI ending the day at $90 a barrel.
  • Today, the focus will be on the US Nonfarm Payrolls report. The country is expected to have added 110K new jobs in January, while the unemployment rate is foreseen steady at 3.9%

Tags:

Prices may be delayed by 5 seconds. Prices above are subject to our website terms and conditions. Prices are indicative only