The head of the Federal Reserve Jerome Powell will testify on the Semiannual Monetary Policy Report on Tuesday and Wednesday
Evergreen buck rallies vs. its rivals
On Monday, the US currency managed to surge versus its key opponents after a dive in the British pound in the face of soaring uncertainty as for the future of British Prime Minister Theresa May because Brexit negotiations were still suspended.
Gauging the purchasing potential of the greenback against a bunch of its key rivals the USD index went up by 0.30% trading at 95.73.
As a matter of fact, the Northern Irish Democratic Unionist Party, backing Prime Minister Theresa May's minority cabinet, is going to underpin an amendment offered by rebel Brexiteer lawmakers.
It showed up in the wake of rumors that UK Prime Minister is braced for facing a leadership challenge because her attempts to unlock Brexit negotiations by simply considering an extension to the transition period beyond the final date of December 2020 has irritated anti- and pro-EU factions in the Conservative Party of hers.
The currency pair GBP/USD went down by 0.80% being worth $1.2974.
The common currency also backed the evergreen buck’s optimistic start to the week because the single currency gave up early-session profits on worries over a further rift between Italy and the European bloc over Italy’s spending plans.
On Friday, rating agency Moody's had Italy's credit rating downgraded, thus keeping the outlook at steady, rather than junk that caused anxiety in the financial markets.
The currency pair EUR/USD went down by 0.37% trading at 1.1471.
The currency pair USD/CAD managed to ascend by 0.02% being worth C$1.3109 because diving crude prices put pressure on the Canadian dollar. However, profits were limited in the face of hopes for a Bank of Canada rate lift a bit later this week.
Meanwhile, the Japanese yen struggled to pare losses notwithstanding a report from Axios telling that the US.China trade feud was set to escalate as US leader wants the Chinese government suffer more.
The currency pair USD/JPY added by 0.18% demonstrating to Y122.75.
The United States will publish the non-farm employment change, also known as non-farm payrolls (NFP) at 15:30 MT time on February 7.
The level of non-manufacturing PMI for the United States by the Institute of Supply Management will be published at 17:00 MT time on February 5.
The Federal Open Market Committee will publish its meeting minutes on February 19, at 21:00 MT time.
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