Forex Today: Fears temporarily set aside

Here is what you need to know on  Wednesday, February 5th:

• The financial world set temporarily aside coronavirus concerns and focused on US economic health, leading to some dollar gains, particularly against safe-haven rivals. The EUR/USD pair closed in the red for a second consecutive day at around 1.1050.
• The UK Markit Construction PMI triggered a sharp U-turn in GBP/USD. The pair bottomed at 1.2940 on Brexit-related concerns, recovering roughly 100 pips with the upbeat report.
• The USD/JPY surged to its highest in two weeks, settling at around 109.50, as the market mood improved. Yields were firmly higher with the yield on the benchmark 10-year Treasury note hitting 1.62%.
• Commodity-linked currencies posted modest recoveries, led by soaring equities and in spite of sharp declines in oil and gold prices.
• Wall Street soared, with the DJIA up around 500 points.
• Gold prices plummeted with spot flirting with $1,550.00 a troy ounce.
• Crude oil prices kept falling amid fears of easing demand, WTI settled below $50.00 a barrel.
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