Forex Today: Fedspeak and US jobs data in the spotlight

The US Dollar kicked off the week on a strong note as market participants assessed the implementation of US tariffs over the weekend, while investors should remain focused on the US labour market data throughout this week as well as comments from Fed's rate setters.

Here is what you need to know on Tuesday, February 4:

The US Dollar Index (DXY) advanced to the boundaries of the 110.00 mark as investors digested US tariffs on Canada, Mexico and China, while US yields traded in a mixed fashion. The JOLTs Job Openings will start the release of jobs-related data seconded by Factory Orders, and the API's weekly report on US crude oil supplies. In addition, the Fed's Musalem, and Daly are due to speak.

EUR/USD plummeted to new lows in the vicinity of the 1.0200 region on the Dollar's sharp rebound. Next on tap on the domestic calendar will be the final HCOB Services PMIs in Germany and the euro area on February 5, along with Producer Prices in the bloc and the speech by the ECB's Lane.

GBP/USD managed to bounce off lows near 1.2250 and regain the 1.2400 zone to end Monday's session around the 1.2400 level. Across the Channel, the final S&P Global Services PMI will be released on February 5.

USD/JPY started the week on the defensive and partially eroding Friday's advance amid mixed US yields and further gains in JGB 10-year yields. Next on tap in Japan will be the final Jibun Bank Services PMI and Average Cash Earnings, all due on February 5.

AUD/USD broke below the 0.6100 support to hit multi-year lows on the back of the Greenback's rally, US tariffs, and weakness in the Chinese yuan. Next of note in Oz will be the final Judo Bank Services PMI.

Prices of the barrel of WTI flirted with multi-week lows near the $72.00 mark per barrel following the stronger Greenback and US tariffs.

Prices of Gold rose to an all-time peak around $2,830 per ounce troy backed by rising safe haven demand amid concerns over a potential global trade war. Silver prices rose markedly and faded Friday's downtick, trading well north of the $31.00 mark per ounce.