U.S. job market is bleak. USD drops to two-week low
On Wednesday (10th) the Federal Reserve made dovish remarks, echoing the urgency of Biden’s $1.9 trillion stimulus plan. Economic data showed that U.S. inflation is still moderate, U.S. Treasury yields have fallen, and the U.S. dollar fell against the British pound and the euro. The decline continued and fell to about a 2-week low.

The US dollar index fell 0.1% to 90.377, closing down for the third consecutive trading day. To
The dollar rose 0.02% against the yen to 104.59; the euro fell 0.01% against the dollar to 1.2115; the pound fell 0.01% against the dollar to 1.3826.
The monthly increase rate of core CPI in the United States reported 0% in January, which was lower than expected 0.2%, and the previous value was 0.1%; the monthly increase rate of CPI in the United States reported 1.4% in January, which was lower than expected 1.5%, and the previous value was 1.4%.
Bitcoin hit $48,481.45 in intraday trading, breaking a record high and continuing to approach the $50,000 mark. In late trading, it rose 6.3% to $47,685. Earlier news reported that BNY Mellon had become the latest company to support cryptocurrency.
Seek an average 2% inflation
Powell said at the Economic Club of New York yesterday: “We are explicitly seeking to achieve an average inflation of 2%. The Fed will keep employment and inflation levels above target levels in the short term. Appropriate monetary policy may focus on Make inflation moderately higher than 2% for a period of time. We will not tighten monetary policy just to respond to a strong labor market.”
In the week ending February 6, the number of initial jobless claims decreased by 19,000 to 793,000 after seasonal adjustment. Economists interviewed by Reuters had previously predicted that the number of initial jobless claims last week was expected to be 757,000. The data for the previous week was revised to 33,000 more than originally announced. Joe Manimbo, senior market analyst at Western Union Business Solutions, said: "The slow rate of improvement in the job market justifies the Fed's dovish tendencies. This tendency may make the dollar weaker in the short term."
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