Forex market news now
Here are the latest news and updates from the Forex market:
Market News
- US Dollar Strengthens: The US dollar is trading higher against most major currencies, driven by a rise in US Treasury yields and a stronger-than-expected jobs report. The dollar index (DXY) is up 0.4% at 92.45.
- Euro Weakens: The euro is under pressure after the European Central Bank (ECB) left interest rates unchanged and maintained its dovish stance. The euro is down 0.3% against the dollar at 1.1235.
- Pound Falls: The British pound is trading lower after the UK's Office for National Statistics (ONS) reported a surprise decline in retail sales. The pound is down 0.2% against the dollar at 1.3125.
- Oil Prices Rise: Oil prices are higher after a report from the Energy Information Administration (EIA) showed a larger-than-expected decline in US crude inventories. Brent crude is up 1.2% at $63.50 per barrel.
Economic Data
- US Non-Farm Payrolls: The US Labor Department reported a stronger-than-expected jobs report, with non-farm payrolls rising by 225,000 in January. The unemployment rate held steady at 3.6%.
- UK Retail Sales: The ONS reported a surprise decline in UK retail sales, with a 0.6% drop in January. Economists had expected a 0.2% rise.
- Eurozone Inflation: The European Union's statistics agency reported a 1.3% year-over-year rise in eurozone inflation in January, slightly above expectations.
Forex Market Analysis
- USD/JPY: The dollar-yen pair is trading higher, with the pair rising to 109.50. The pair is supported by the rise in US Treasury yields and the stronger-than-expected jobs report.
- EUR/USD: The euro-dollar pair is trading lower, with the pair falling to 1.1235. The pair is pressured by the dovish ECB stance and the stronger dollar.
- GBP/USD: The pound-dollar pair is trading lower, with the pair falling to 1.3125. The pair is pressured by the surprise decline in UK retail sales.
Market Sentiment
- Risk Appetite: Market sentiment is cautious, with investors remaining wary of the ongoing trade tensions and global economic uncertainty.
- Dollar Strength: The dollar is benefiting from the rise in US Treasury yields and the stronger-than-expected jobs report, which has boosted investor confidence in the US economy.
Please note that the Forex market is highly volatile and subject to sudden changes. These news and analysis are intended for informational purposes only and should not be considered as investment advice.