Forex Market Commentary for Februrary 7 2019

Australia

The European open briefing for Thursday, February 7th. Somewhat muted risk sentiment this morning we can see Asian markets and equity markets were mixed.

We did see substantial gains in Australia mainly due to the Aussies slump of the came under pressure yesterday of course from a surprising tilt by the RBA. Kiwi is also under pressure we had disappointing job numbers out of New Zealand. New Zealand dollar is extending its gains down, and losses are down by a third and percent this morning.

The US dollar is not doing too poorly it’s actually edged up towards two-week highs there is still, of course, some caution due to the ongoing trade talks between the US and China and the possible government shutdown next week but the dollar is mainly gaining on the back of weakness in other majors particularly the euro.

The Euro slipped to two week close as we had more disappointing data out of Germany. We had we have been expected industrial orders numbers, so the disappointing data continues to come in from the eurozone economy.

The Bank of England policy meeting is later today. Bank of England policy decision that’s to come at 12 hours GMT and we’re going to hear from governor Mark Carney and will likely hold rates and warn of increased downside risks mainly due to a slowdown in global growth.

The Canadian dollar is lower as well as we’re seeing oil prices losing steam.