Forex Today: Dull start amid American holidays

What you need to take care of on Tuesday, February 20:

 Major pairs remained confined to familiar levels, trading in thin ranges amid holidays in the United States and Canada. Nevertheless, investors were cautiously optimistic, with some stock indexes in Europe and Japan flirting with record highs.

EUR/USD held below 1.0800, while GBP/USD battles at around 1.2600. The Pound advanced during the European session but trimmed gains ahead of the close.

The US Dollar posted modest gains against safe-haven CHF and JPY, somehow suggesting financial markets are in a good mood.

The Australian Dollar posted a modest advance against the USD, with AUD/USD trading around 0.6540. The Canadian Dollar, on the contrary, edged lower against its American rival, with the pair currently nearing 1.3500.

Australia will open the macroeconomic calendar with the release of the Reserve Bank of Australia (RBA) Meeting Minutes early on Tuesday. The document could provide fresh clues on what the RBA Board plans to do next or even what policymakers need to feel more confident about inflation going down and begin trimming rates.

Spot Gold advanced for a thrid consecutive day and briefly traded above $2,020.00 a troy ounce. 

Also, the People’s Bank of China (PBoC) will announce its decision on Interest rates. The PBOC fixes the Loan Prime Rate (LPR) on a monthly basis.

On Tuesday, Canada will release the January Consumer Price Index (CPI) foreseen up 0.4% MoM after a 0.3% decline in December.