Examining market price movements at the opening of early trading yesterday, the US dollar became the main focus of investors where it was seen failing to perform well after the US NFP jobs report published last Friday was expected to drive the US dollar strengthening.
It is likely that the numerical factors for the relatively mixed employment report with the rising unemployment rate slightly disrupted the momentum of the US dollar even though the increase in jobs in January in the US rose higher than expected.
Thus, price movements are seen more gloomy at the beginning of the week until yesterday's New York session and may linger until the end of the week due to the lack of important economic data this week compared to last week.
European currencies are also seen failing to maintain the strengthening momentum displayed last week when receiving positive injections by central banks in the results of their respective policy meetings.
European Central Bank (ECB) President Christine Lagarde allayed speculation of an interest rate hike when delivering a statement in the European parliament that there were no signs for inflation to exceed the 2% target level for the medium term.
Also added pressure for the Euro when German industrial production data was published with weak figures in the European session yesterday.
The pound sterling was also gloomy earlier in the week with the focus to be on the speech by the Governor of England's central bank, Andrew Bailey on Thursday as well as the release of UK economic growth data on Friday.
Commodity -linked currencies such as the Canadian dollar and the Australian dollar rose slightly earlier in the week due to the less stressful movement of the US dollar.
Gold managed to drive to higher levels despite the momentum on the previous bullish pattern being relatively modest. The bulls have managed to cross the $ 1,820 level until trading resumes the Asian session this morning.
Crude oil, meanwhile, showed a decline from a several -year high reached with WTI oil prices hovering at around $ 91.20 a barrel.
The stock market, on the other hand, traded mixed, making it a little difficult to give a clearer signal of current market sentiment for investors.
