Dollar Slips and Oil Falls as Markets Reprice Fed and Iran Risks
United States. The US dollar is strengthening against the Japanese yen today while posting moderate losses against the euro and the British pound.
United States. The US dollar is strengthening against the Japanese yen today while posting moderate losses against the euro and the British pound.
Brent Crude Oil prices have been rising steadily since the start of the year and reached a six-month high of 70.40 last week amid escalating geopolitical tensions.
The benchmark of the U.S. economy, the S&P 500, is currently undergoing a corrective pullback, hovering around the 6853.0 level.
During the morning session on February 2, the U.S. dollar is showing a fairly confident advance against the Canadian currency, extending the bullish impulse that emerged last Friday, when USD/CAD rebounded from its October 2024 record lows. The pair is now testing the 1.3650 level on a potential upside break, while market participants wait for fresh catalysts to drive the next move.
The USD/CHF pair is trading in a corrective phase around 0.7723 and appears to be preparing for another local leg lower. The Swiss franc remains relatively stable against major global currencies, keeping the pair well below the key stability threshold at 0.7800. At the same time, last Friday’s rebound in the U.S. dollar gave the Swiss National Bank (SNB) some breathing room, allowing it to postpone—at least for now—any emergency measures, including potential market intervention.
During the Asian session, the U.S. dollar is showing mixed price action against the Japanese yen, with USD/JPY consolidating around the 155.00 area. The pair briefly refreshed local highs seen earlier last week, but bulls ultimately failed to hold above these levels. Even so, the broader uptrend remains intact, as the fundamental backdrop and rising political uncertainty in Japan continue to limit any meaningful recovery in the yen.
EUR/USD. The euro is showing modest gains against the U.S. dollar during the Asian session, testing the 1.1850 level for an upside breakout, as investors and FX traders wait for fresh macroeconomic catalysts.
United States The U.S. dollar is moderately strengthening against the euro, the pound, and the yen.
EUR/USD. The euro is gaining ground in the EUR/USD pair, recovering from a sharp decline seen the previous day and testing the 1.1990 level for a bullish breakout. The focus of investors and FX traders remains on the outcome of the US Federal Reserve meeting that concluded yesterday.
The European currency is correcting in the EUR/USD pair, while continuing to develop a strong bullish trend that over several trading sessions has pushed the instrument to the record June 2021 highs: quotes are preparing to test the 1.2000 level for an upside breakout, as market participants await the outcome of the US Federal Reserve meeting, scheduled for today at 21:00 (GMT+2).
EUR/USD The European currency is correcting in the EUR/USD pair while continuing to develop a confident bullish trend that over several trading sessions has driven the instrument to the record June 2021 highs: quotes are preparing to test the 1.2000 level for an upside breakout, as market participants await the outcome of the US Federal Reserve meeting, due today at 21:00 (GMT+2).
EUR/USD. The euro is gaining ground against the US dollar, extending last week’s strong bullish momentum. The pair is trading near the 1.1890 level, attempting an upside breakout, while market participants await new catalysts.
USD/JPY The US dollar is losing ground against the Japanese yen, with the USD/JPY pair testing a downside break below the 154.00 level. The sharp strengthening of the yen late last week followed the conclusion of the Bank of Japan’s first policy meeting of 2026.
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