Forex Today: Dollar still in trouble despite deteriorating sentiment

What you need to know on Friday, February 12:

The American dollar remained the weakest currency across the FX board, although it managed to recover some ground ahead of the daily close. The greenback advanced as Wall Street fell, without a clear catalyst behind the latter slide.

The EUR/USD pair reached 1.2149 a fresh weekly high, while GBP/USD held above 1.3800. The aussie was the best performer, reaching 0.7771 against its American rival.

Gold prices fell alongside stocks. The bright metal settled at $1,825 a troy ounce, its lowest since February 8. Crude oil prices held near their recent highs.

Reuters reported that  US House Speaker Nancy Pelosi hopes to have US President Joe Biden's COVID relief plan done by the end of February, before unemployment benefits expire on March 14. Also, US President Joe Biden will meet with a bipartisan group of senators to seek support for a major infrastructure spending program.  

Sharon Peacock, director of the COVID-19 Genomics UK consortium, said that the local variant is a concern, as she said that it is “likely to sweep the world,” and could affect the effectiveness of vaccines.

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