Market Drivers – European Session 8-2-2022

The euro fell for the second day in a row in trading on Tuesday after European Central Bank President Christine Lagarde said there is no need for significant monetary tightening in the Eurozone.

The dollar index rose 0.3 to 95.67, and the Australian dollar was little changed at $0.7127, but the cryptocurrency bitcoin broke its 50-day average to reach $44,000 for the first time in a month.

The US Goods and Services trade deficit rose to $80.7B in the month of December, a smaller than expected rise from $79.33B the month prior, according to data from the Bureau of Economic Analysis and the US Census Bureau. The trade deficit had been expected to rise to $83B. Exports rose to $228.10B in December from $224.7B the month prior, while imports rose to $308.9B from $304B the month prior. The US/China trade deficit widened to $36.15B from $32.32B in November.