Forex Today: Dollar recovers as yields bounce, investors eye stimulus and US consumer sentiment

Here is what you need to know on Friday, February 12:

Markets are relatively calm amid holidays in Asia and as investors await stimulus news. The swing-up in yields has helped the greenback recover. US Consumer Sentiment and updated vaccine news are in the spotlight. 

US stocks have ticked higher with the NASDAQ index hitting all-time highs. The move into equities has been accompanied by a shift away from bonds and rising yields have supported a recovery ni the dollar. EUR/USD is trading closer to 1.21 while GBP/USD has been slipping below 1.38. Moves have been relatively subdued due to the Chinese New Year holidays in several Asian countries. 

US data: After several weeks of encouraging figures, jobless claims disappointed with a rise to 793,000. The last meaningful release for the week is the University of Michigan's preliminary Consumer Sentiment for February. 

See US Michigan Consumer Sentiment February Preview: The ocular proof

Former President Donald Trump's trial continues sucking the political energy in Washington, pushing the drafting of the relief bill to the backburner. Discussion about the details of stimulus checks seems to be the main sticking points separating moderate and liberal Democrats. 

More The once and future recovery: Will stimulus prove a springboard or bubble?

Gold has been extending its decline, changing hands at around $1,820 after topping $1,850 earlier in the week.

GBP/USD is set to move in response to the first publication of Gross Domestic Product figures for the fourth quarter. Modest growth is on the cards. 

See UK GDP Preview: Buy the rumor, sell the fact? BOE's bullish stance may backfire

The UK and the US have been accelerating their vaccination campaigns, bringing forward timelines. Britain is leaning on AstraZeneca's jabs, which will likely be produced at a faster rate. Data from Israel, the world's leader in immunization, are showing success in preventing severe disease. The Federal Reserve's Patrick Harker said that the US economy will be "choppy" until people are vaccinated. 

Cryptocurrencies: Bitcoin has been consolidating its gains and trades at around $47,000, Ethereum at above $1,700 and XRP has been advancing above $0.50. Dogecoin, touted by Tesla's Elon Musk, is off its highs. 

Dogecoin Price Forecast: DOGE bulls catch a breather between two crucial price levels

The US Justice Department has subpoenaed executives from Robinhood and other brokerages regarding their actions related to the GameStop frenzy.