Here’s everything you should know about Forex on Friday, February 23:
In Forex market After falling to its lowest level in three weeks, the US Dollar (USD) Index recovered amid rising Treasury bond yields, closing flat on Thursday before stabilizing near 104.00 early Friday. The IFO business sentiment poll for Germany will be included in the European economic agenda. Investors will also pay particular heed to central bankers’ statements.
On Thursday, the US dollar fell against its major rivals due to a risk rally fueled by rising technology stocks. The Dow Jones Industrial Average jumped 1.2%, the S&P 500 rose 2.1% to conclude at a new all-time high of 5,087, and The Nasdaq Composite was up over 3%. Later in the American session, the benchmark 10-year US yield rose to its highest level since late November, at 4.35%, helping the dollar recover its daily losses. The 10-year yield remains constant at roughly 4.33% in the European morning, as US stock index futures trade almost unchanged for the day.
Market movement in pairs.
On Thursday in Forex market , EURUSD approached 1.0900 before making a sudden U-turn and closing flat. Nevertheless, the pair remained over 1.0800 in the early European session on Friday.
GBPUSD rose above 1.2700 for the first time in three weeks on Thursday. As the USD rebounded later in the day, the pair shed a major amount of its daily gains and settled. Above 1.2650.
USDJPY closed in positive territory for the second consecutive day on Thursday. Early Friday, the pair fluctuated in a narrow channel around 150.50.
After spending the majority of the day at $2,030, gold lost traction and fell to $2,020 on Thursday, pushed by rising US yields. XAUUSD consolidates its losses at approximately $2,020 in the European morning.
