TODAY'S FOREX: BORING BEGINNING AMIDST US HOLIDAYS

THINGS YOU SHOULD DO ON TUESDAY, FEBRUARY 20:

Major pairs continued to trade in narrow ranges during US and Canadian vacations, staying put at well-known levels. Even still, investors maintained a cautious optimism, with certain European and Japanese market indices nearing all-time highs.

While GBP/USD is battling around about 1.2600, EUR/USD managed to hold below 1.0800. The pound gained during the European trading day, but it lost ground before the close.

The US Dollar saw slight gains vs safe-haven currencies like CHF and JPY, which inexplicably suggests that the financial markets are doing well.

The Australian dollar had a slight increase compared to the US dollar, with the AUD/USD pair trading at roughly 0.6540. In contrast, the Canadian dollar weakened slightly versus its American counterpart; at this point, the pair is getting close to 1.3500.

The Reserve Bank of Australia (RBA) Meeting Minutes, which were released early on Tuesday, will kick off the macroeconomic calendar in Australia. The document may offer new insights into the actions that the RBA Board intends to take or possibly what is required for policymakers to start reducing rates and feel more confident about inflation declining.

For the third day in a row, Spot Gold increased and momentarily moved above $2,020.00 per troy ounce.

The People's Bank of China (PBoC) will also make its interest rate decision public. Every month, the PBOC sets the Loan Prime Rate (LPR).

Canada's Consumer Price Index (CPI) for January is expected to rise 0.4% month over month on Tuesday following a 0.3% decrease in December.

The foreign exchange market is an international, decentralized, over-the-counter platform where currencies can be traded. The foreign exchange rates for each currency are set by this market. It covers every facet of purchasing, selling, and converting currencies at established or current rates. The act of purchasing one currency and selling another with the intention of profiting from the transaction is known as foreign exchange, or Forex trading. The terms foreign and exchange are combined to form the acronym forex (FX). The Bank for International Settlements, a global bank that serves national central banks, stated in a 2022 triennial report that the daily global volume of FX trading hit $7.5 trillion in 2022.

THE CURRENT US DOLLAR PRICE

The US dollar's (USD) percentage change compared to a list of major currencies is displayed in the table below. The US dollar outperformed the Swiss franc in terms of strength.

The major currencies' percentage movements relative to one another are displayed on the heat map. The quotation currency is selected from the top row, and the base currency is selected from the left column. For example, the percentage change shown in the box will indicate EUR (base)/JPY (quote) if you select the Euro from the left column and proceed along the horizontal line to the Japanese Yen.