Forex Today: More Fedspeak and the ADP report take centre stage

The US Dollar shed further ground on Tuesday as market participants continued to evaluate the US tariffs narrative and the potential retaliatory measures by China.

Here is what you need to know on Wednesday, February 5:

The US Dollar Index (DXY) failed to regain upside impulse, keeping the trade well above the 108.00 barrier amid tariffs concerns and higher US yields. The ADP Employment Change report will gather all the looks seconded by MBA's Mortgage Applications, the final S&P Global Services PMI, the ISM Services PMI, and the EIA's weekly report on US crude oil stockpiles. In addition, the Fed's Jefferson, Barkin, Goolsbee, and Bowman are all due to speak.

EUR/USD picked up a strong pace and reversed six days of losses, advancing to the vicinity of the key 1.0400 mark on Tuesday. The final HCOB Services PMIs in Germany and the euro area are due, seconded by Producer Prices in the bloc and the speech by the ECB's Lane.

GBP/USD added to Monday's advance and revisited the boundaries of the key 1.2500 barrier on the back of the persistent offered bias in the Greenback. All the attention will be on the publication of the final S&P Global Services PMI.

USD/JPY kept the erratic performance well in place, reversing Monday's retracement and revisiting the 155.50 zone. The final Jibun Bank Services PMI and Average Cash Earnings will be released.

AUD/USD rebounded from Monday's multi-year lows. Although it failed to extend the bounce further north of the 0.6260 region, it printed marked gains for the day. The Ai Group Manufacturing Index is next on tap in Oz.

WTI prices managed to stage a marked comeback after hitting new lows near the $70.00 mark per barrel, eventually ending the day with humble gains.

Gold prices rose to an all-time high around $2,840 per ounce troy amid the Dollar's pullback and steady jitters surrounding Trump's tariffs plan. Silver prices gathered extra steam and surpassed the $32.00 level per ounce for the first time since mid-December.