Forex Today: The dollar retains most of its weekly gains as the calendar warms up

What You Need To Know On Thursday February 4th:

Most big pairs consolidate this Wednesday with the greenback holding most of its weekly gains. The dollar fell only slightly, still supported by hopes for a new US stimulus package. Democratic senators have pushed a coronavirus bailout aimed at passing laws without Republican support. Negotiations on who will receive how many stimulus checks continue.

EUR / USD remains depressed near the 1.2000 line as GBP / USD consolidates around 1.3650. The USD / JPY pair has held gains around the 105.00 number.

Commodity-linked currencies recovered slightly against the greenback despite weaker oil and gold prices. The light metal was trading at $ 1,832 a troy ounce while WTI ended the day at $ 55.60 a barrel.

Former ECB chief Mario Draghi was urged by Italian President Sergio Mattarella to form a new coalition government in the country after Giuseppe Conte resigned as prime minister last week.

The focus shifts to the Bank of England’s monetary policy decision as US employment data ahead of Friday’s Nonfarm Payrolls report.

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Forex Today: The dollar retains most of its weekly gains as the calendar warms up
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