In the face of shifting risk appetite patterns and the FOMC Minutes’ lack of surprises, the dollar somewhat weakened on Wednesday. Meanwhile, speculation about when the Fed could cut interest rates for the first time continued to drive general market mood. In the context of continued increases in riskier assets, the USD Index (DXY) moved with mild losses around the 104.00 range.
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US stocks were able to erase previous losses ahead of Nvidia Corp.\u2019s quarterly numbers, as investors eagerly awaited the firm\u2019s ability to match the high expectations surrounding artificial-intelligence technology.
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Economic Data Nvidia\u2019s Q4 results beat Wall Street\u2019s expectations<\/a> <\/p>\n\n\n\n FOMC: No rate cuts unless inflation further moderates<\/a><\/p>\n\n\n\n US dollar suffers mild loss following FOMC minutes<\/a><\/p>\n\n\n\n FOMC Minutes: Policymakers expressed caution about cutting rates too quickly<\/a><\/p>\n\n\n\n EUR\/USD softer ahead of FOMC minutes<\/a><\/p>\n\n\n\n USD\/CAD declines ahead of FOMC minutes<\/a><\/p>\n\n\n\n Gold price extends upside amid increasing geopolitical uncertainty<\/a><\/p>\n\n\n\n
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February 22 will be the PMIs day for everything; moreover, the Chicago Fed National Activity Index, Existing Home Sales, and the regular weekly Initial Jobless Claims are also due. Cook, Kashkari, Jefferson, and Harker of the FOMC are also scheduled to speak.
Key Price Action
<\/strong>The EUR\/USD pair continued to move north of the 1.0800 barrier, indicating a moderate optimistic outlook. Ahead of the ECB Accounts and the final Inflation Rate in the Eurozone on February 22, advanced PMIs in Germany and the wider Euroland are anticipated.
GBP\/USD extended its gains from Tuesday and attempted to solidify the rise above 1.2600. On February 22, the only noteworthy releases throughout the Channel will be preliminary PMIs.
USD\/JPY kept its multi-session consolidative phase well and sound around the 150.00 zone. In Japan, weekly Foreign Bond Investment readings are scheduled for February 22.
The higher end of the range, which corresponds with the important 200-day SMA at the 0.6560 level, saw gains and losses in the AUD\/USD pair alternately. On February 22, Flash Judo Bank PMIs are expected in Australia.
WTI prices flirted with the $78.00 per barrel threshold once more as a result of the revival of the tight supply narrative.
Gold prices continued their upward trend, rising slightly to the $2,030 area. Conversely, silver prices continued their downward trend for the third day in a row.
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<\/strong>Us stocks enjoy late session rebound after Nvidia\u2019s results<\/a><\/p>\n\n\n\n