Forexlive European FX news wrap: Awaiting the Fed Chair Testimony

• US January NFIB small business optimism index 102.8 vs 104.6 expected
• US vice president Vance: US laws will keep big tech on a level playing field
• FX continues to hold little changed on the session
• BOE's Mann says sided with 50 bps rate cut to "cut through the noise"
• EU trade commissioner says US will be taxing its own citizens by imposing tariffs
• EU trade commissioner says will act to safeguard economic interests amid Trump tariffs
• What are the main events for today?
• Europe should respond in a united manner to Trump's tariffs, says French industry minister
• Reciprocal tariffs.. Yay or nay?
• Trump reaffirms steel and aluminum tariffs are on the basis of national security
• FX option expiries for 11 February 10am New York cut

It's been a pretty empty session in terms of data releases and newsflow. The focus remains on tariffs and the US CPI tomorrow.

In the markets, the US Dollar remains relatively strong supported by the tariffs uncertainty and the US CPI risk ahead. US equities are down on the day with Treasury yields continuing to climb since last Friday.

Gold erased the overnight gains, while crude oil extended the rally above the 73$ handle as tariffs continue to provide support for prices.

We have Fed Chair Powell's Testimony at 15:00 PM GMT and although he's unlikely to say anything new, it will still be important to keep an eye on that for potential market moving comments.