Valeria Bednarik, chief analyst at FXStreet explained that a quiet Asian session, was followed by a bout of volatility mid European morning.
Key Quotes:
“Crude oil prices fell below $30.00 a barrel, spurring risk aversion trading, and with the Japanese yen and the gold rising the most against the greenback. The common currency initially fell against its American rival down to 1.1086 ahead of the US opening, recovering back towards the 1.1200 figure after flirting with the 38.2% retracement of its latest advance.”
“The macroeconomic calendar was quite light this Monday, with the EU Sentix Investor Confidence for February, down to 6.0 against previous 9.6 and expectations of 7.6, and the US labor market conditions index for January, resulting much worse than the previous one, resulting at 0.4 from a previous 2.9, revised down to 2.3. But there were stocks plummeting and oil’s decline which led the way higher, as the EUR advanced due to its funding currency condition.”
(Market News Provided by FXstreet)