Buck sinks a bit as markets rise a little in turbulent week

The U.S. Dollar returned to losses all across the board following a return in risk-appetite overnight after a week characterized by growing pessimism and uncertainty over technological equity gains.

This Friday was supposed to be a day focused on labor figure, but the partial U.S. government shutdown we stumbled into last Saturday has negatively impacted statistical analysis from federal bureaus. Data-wise, we only have the University of Michigan’s Consumer Sentiment Survey for February out at 10A, which is expected to show a little more negativity from responders than January’s take. At the moment of writing, most headlines describe today’s action as “buying the dip,” with investors jumping onto Bitcoin, crypto, and other market classes after a three-day of major selloff.

Although we do not have official figures, the labor sector seems to be facing challenges not experienced since the worst days of the Great Recession back in 2008-2009. Nevertheless, the narrative is not clear about the long-term, which is why the Buck is also on a roller-coaster run without a steady trajectory. Certain pairs like Indian Rupee have recovered dramatically after specific issues were resolved that made for a better trading deal agreement with the U.S. INR is thus far the second best performing currency against the Buck, up by 1.0% while amongst the G-10 the Australian Dollar has gained by half a percent. For now, Non-Farm Payroll figures are scheduled to be released this coming Wednesday the 11^th.

What to Watch This Week…

US Nonfarm Payrolls, DELAYED, Feb. 11th
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The complete Economic Calendar can be found here .

CAD ⇑

The single currency, after taking heavy losses against USD to open this year, is attempting to claw back some ground this morning and has gained just shy of a quarter of a percent against USD. The EUR/USD pair is now sitting much closer to prices last seen just before both the Fed and ECB meetings last month, more in line with the macroeconomic data out of the region. French CPI this morning showed inflation increased 4.1% annually, with Germany’s year-over-year inflation slightly lower at 3.8%.

JPY ⇓

The Canadian Dollar has not been a big mover, but it is worth noting that poor job figures may play a role in its decline as the trading session progresses. January’s Net Change in Employment surprised with a negative figure at (-24.8K) meaning a contraction occurred instead of the forecasted addition of 5K. The drop was particularly felt in part-time work and erases the impressive Q4 labor developments that lifted “Loonie” to its highest value over the Buck since October 2024. We are currently seeing the rate about 1.5% away from that historical best.

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