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What you need to know on Thursday, February 4:

Most major pair consolidate this Wednesday, with the greenback retaining most of its weekly gains. The dollar eased just modestly, still backed by hopes of a new US stimulus package. Democrats senators pushed forward with a coronavirus-aid package, aiming to pass legislation without Republicans support. Negotiations continue on the details of who will receive stimulus checks and for how much.

EUR/USD remains depressed near the 1.2000 threshold while GBP/USD consolidates around 1.3650. The USD/JPY pair hold on to gains around the 105.00 figure.

Commodity-linked currencies recovered some modest ground against the greenback, despite weaker oil and gold prices.  The bright metal settled at $1,832 a troy ounce, while WTI finished the day at $55.60 a barrel.

 Former ECB  Chief Mario Draghi has been summoned by Italian President Sergio Mattarella, to try 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 monetary policy decision as US employment data, ahead of Friday’s Nonfarm Payrolls report.

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