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Here is what you need to know on Friday, February 7th:

  • The American dollar surged to fresh 2020 highs against the EUR and the GBP. The shared currency got affected by worse than expected German data, as Factory Orders plummeted in December. The Pound was hurt by a NIESR report suggesting limited economic growth in the UK. EUR/USD and GBP/USD consolidate losses ahead of the release of the US Nonfarm Payroll report.  
  • USD/JPY pair pressures the 110.00 figure as equities continued to advance. Coronavirus concerns seem to have eased, despite the outbreak continues.
  • The   OPEC+  proposed a 600,000 bpd oil output cut will start immediately and continue until June if agreed by all members. Crude oil prices ended the day little changed.
  • Gold prices advanced for a second consecutive day but remain in the red for the week, amid persistent demand for high-yielding assets.
  • AUD/USD easing ahead of Lowe, RBA Minutes.
  • Crypto Today: Bitcoin bulls readying $10,000 return