The U.S. Dollar is starting off February trading in mostly favorable ranges after stumbling by 1.2% in January according to the Bloomberg Dollar Spot Index.
A complicated start to the year made for a negative narrative that saw the Buck sink to it weakest point overall since February 2022. Markets are mixed with good news for firms such as Oracle, but concern of overbought Gold watched it fall by as much as 10.0% in price. Metals are coming back a bit after that while the crypto market saw its stocks plummet after major Bitcoin selloff.
Investors and traders have not been too pessimistic about the effects that having Kevin Warsh be nominated for the Fed chairman position with belief that he will act more moderately than expected. While the U.S. government entered a partial shutdown as a funding deal’s final details get worked out. We shall see if any geopolitics makes the headlines and moves the needle. This week will have plenty of data points with JOLTS labor figures tomorrow and December Purchasing Managers’ Indices on Wednesday. January’s Non-Farm Payrolls will be out on Friday.
What to Watch This Week…
- Euro-zone CPI, Wednesday
- US Nonfarm Payrolls, Friday 8:30AM
- Monex USA Online is always open
EUR ⇓
The Euro is dropping after rising throughout last month and reaching the highest price for Euro since Summer of 2021. The European Central Bank will meet on Thursday and is expected to remain relatively “hawkish.” Wednesday will be important for inflation in the form Consumer Price Index for January and PMIs. News cycles out of the Euro-zone has been mixed with a few silver linings as diplomacy and defense have become paramount for leaders in the region.
