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What you need to know on Thursday, February 11:

 The American dollar remained under pressure, losing ground against most major rivals. The EUR/USD reached 1.2143, while GBP/USD hit a multi-year high of 1.3865. Commodity-linked currencies traded uneventfully within limited intraday ranges. Investors are still waiting for a reason to actually move currencies one way of the other.

Wall Street hit record highs in pre-opening trading, but suffered from a sharp U-turn, to close the day mixed. Major indexes trimmed most of their losses and posted modest intraday gains, but pushed Asian and European futures lower, anticipating some risk-off in early Thursday’s trading. There was no particular catalyst behind the slump, although some analysts attribute it to profit-taking.

 Also, Elon Musk tweeted that he bought some “Dogecoin for lil X, so he can be a toddler holder,”  pushing it to an intraday high of 0.08880.  

In the UK, Prime Minister Boris Johnson’s briefing on the coronavirus situation revealed that 13 million people had their first vaccine dose.  Johnson added that people have to get used to the idea of revaccinating in autumn to respond to new virus strains.  Meanwhile, BOE’s Governor Andrew Bailey urged the EU not to pick a fight with Britain over trade in financial services after Brexit.

US Federal Reserve chief Jerome Powell offered a speech in the American afternoon but reiterated well-known concepts regarding Fed’s monetary policy. His world passed unnoticed for currencies but helped stocks to recover.

Japan celebrates a holiday on Thursday, while Chinese markets will be closed starting Friday, amid the New Year celebrations. Volumes may shrink, and trading could be choppy.

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