Here’s what you need to know on Tuesday, February 20, 2024. The forex market remains relatively calm today after a quiet Monday. Today, Bank of England (BoE) Governor Andrew Bailey and other policymakers will testify on monetary policy before the UK Treasury Select Committee during European trading hours. The Consumer Price Index (CPI) data for January will be released by Statistics Canada.
 
US stock and bond markets are back in action after the long weekend. The yield on the US 10-year Treasury bond remains stable around 4.3%, and US stock futures are trading in negative territory in early European trading. Meanwhile, the US Dollar Index (DXY) continues to see a moderate increase above 104.00 after the first day of the week closed nearly unchanged.
 
US Dollar Price This Week
 
The US Dollar has strengthened against the Swiss Franc. During the Asian trading hours, the People's Bank of China (PBoC) announced that it is keeping the one-year Loan Prime Rate (LPR) unchanged while cutting the five-year LPR by 25 basis points (bps) from 4.20% to 3.95%. The Shanghai Composite and Hang Seng indices were last seen trading slightly higher today.
 
USD/CAD continues to fluctuate in a narrow channel around 1.3500 early Tuesday. The pair reached its highest level since December near 1.3600 last week but has erased most of its gains, ending the week slightly below 1.3500.
 
Japanese Finance Minister Shunichi Suzuki offered some mild verbal intervention on Tuesday, reiterating that they are closely monitoring movements in the foreign exchange market with a sense of urgency.
 
 
Speaking on the same matter, Atsushi Mimura from the Ministry of Finance stated that the government “always communicates and coordinates with other countries in the event of foreign exchange intervention.” USD/JPY is trading in positive territory above 150.00 following these comments.
 
After the first day of the week ended flat, GBP/USD is under moderate bearish pressure, retreating below 1.2600 during Asian trading hours on Tuesday.
 
EUR/USD is struggling to find direction, fluctuating in a narrow range below 1.0800 on Monday. On Tuesday morning, the pair continued its sideways movement above 1.0750.
 
After rebounding on Friday, gold continues to push higher, closing in positive territory on Monday. XAU/USD remains steady on Tuesday morning, trading around $2,020.


 Warning!
 
That’s the news regarding “BoE Bailey and Canadian Inflation Dominate Forex Market Discussions Today.” It’s important to note that this analysis is based on fundamental and technical views from trusted sources and is not intended as advice or an invitation. Always remember that this content aims to enrich readers' information. Always conduct independent research regarding other forex information as a reference for your trading.
 
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