Forexlive European FX news wrap: The USD extends decline as trade war fears dissipate ...Middle East

US MBA mortgage applications w.e. 31 January +2.2% vs -2.0% priorThe US Dollar remains under pressure as trade war fears continue to easeEurozone December PPI 0.4% vs 0.5% m/m expectedUK January final services PMI 50.8 vs 51.2 prelimEurozone January final services PMI 51.3 vs 51.4 prelimGermany January final services PMI 52.5 vs 52.5 prelimFrance January final services PMI 48.2 vs 48.9 prelimItaly January services PMI 50.4 vs 50.5 expectedSpain January services PMI 54.9 vs 56.7 expectedECB's de Guindos: I see inflation approaching the ECB's targetIf the main obstacle for the US is Iran pursuing nuclear weapons, it can be resolvedWhat are the main events for today?EU prepares to hit Big Tech in retaliation for Donald Trump’s tariffs - FT

In terms of data releases or newsflow, we haven't got much other than the final PMIs and a couple of low tier indicators. There have been some positive news regarding the recent Trump's memorandum on putting "maximum pressure" on Iran which weighed on crude oil prices.

Elsewhere, gold keeps on printing new all-time highs every day as real yields continue to fall. Treasury yields extended the decline since yesterday's weak US Job Openings report with the focus now switching to the US NFP report on Friday which might offer a bounce.

Equities keep a cautious optimism as we continue to wait for updates on a Trump-Xi call. One would have expected more strength given the notable fall in yields and US dollar, but that hasn't been the case.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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