Currencies: $ stalls after jumping +1.2% in 2 sessions – 2024-02-06
Forex traders limited their initiatives, in the absence of macro-economic or monetary market movers.
Currency pairs traded within narrow margins: the euro was down -0.1% at 1.0735 in the morning, ending the day up +0.1% at 1.0750, while the Swiss franc and the dollar remained stable.
The $-Index fell back -0.25% (to 104.20, holding above the former 104.15 resistance level), with the biggest gap materializing against the
Pound (which recovered 0.5% to 1.2595) and the Yen (+0.45% to 148.00).
The greenback recovered +2% last week and has posted +2.8% against the Euro since January 1.
Forex traders have taken Jerome Powell’s message on board, stating that rates will remain at current levels for a slightly longer period than markets had anticipated.
In terms of Eurozone indicators, German industrial orders rebounded by 8.9% in December 2023 (seasonally adjusted), according to Destatis, after remaining stable in November (revised from an initial estimate of +0.3%).
In the manufacturing industry, December’s sharp rise was due to a very high volume of major orders in various sectors.
In particular, an exceptionally high number of aircraft were ordered.
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