Headlines:
Dollar well in charge in wild start to the new weekECB's Villeroy: Trump tariffs is a very worrying developmentECB's Kažimír: Latest rate cut moves us closer to our destinationECB's Šimkus backs another 25 bps rate cut in MarchItaly January preliminary CPI +1.5% vs +1.3% y/y priorEurozone January preliminary CPI +2.5% vs +2.4% y/y expectedEurozone January final manufacturing PMI 46.6 vs 46.1 prelimUK January final manufacturing PMI 48.3 vs 48.2 prelimSwitzerland January manufacturing PMI 47.5 vs 48.4 priorMarkets:
The dollar opened with a gap higher across the board and peaked in Asia trading before seeing gains ease in Europe. USD/CAD was up to a high of 1.4792 earlier in the day but is now only up 0.9% to 1.4655 as it eats into the opening gap higher.
In the commodities space, gold is near unchanged levels and off earlier lows as it nudges back to the $2,800 mark. Meanwhile, oil prices opened with a gap higher as Trump looks to put oil and gas tariffs in his crosshairs next for 18 February.
The crypto market is also an interesting one with the likes of Ethereum imploding. There's been a good bounce off support around $2,200 - where the August and September lows last year held - and price is back up to $2,618 but still down over 9% on the day. As for Bitcoin, it is also down a little over 2% to $95,000 levels but at least off its earlier low of $91,178 with the 100-day moving average also in play at $93,895. Bitcoin has not broken below either of its key daily moving averages since October, so it will be a key level to watch out for.
This article was written by Justin Low at www.forexlive.com. Read More Details
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