FX MARKET REPORT 01.03.2021

FX MARKET REPORT 01.03.2021

FX MARKET REPORT 01.03.2021

Daily Commentary
Daily Commentary
FX MARKET REPORT 01.03.2021
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FX MARKET REPORT 01.03.2021

GBP/USD faced rejection near the 1.4000 mark and trimmed a part of its intraday gains. An optimistic UK economic outlook extended some support and helped limit the downside. An upward revision of the UK Manufacturing PMI for February, which was finalized at 55.1 as against 54.9 estimated, extended some support to the GBP/USD pair. EUR/USD continues its march south after being rejected from recent peaks in the 1.2240 region. The underlying bullish sentiment in the euro remains under pressure for the time being amidst investors’ adjustment to potential US inflation and the subsequent increase in yields and the demand for the dollar. The dollar index was down 0.1% at 90.752. USD/JPY was largely flat at 106.56, near the six-month high of 106.69 touched Friday despite Japan’s factory activity expanding at the fastest pace in over two years in February. AUD/USD rose 0.8% to 0.7770, following a 2.1% plunge on Friday, as the Reserve Bank of Australia said it would buy twice the normal volume of long-term bonds at this week’s regular operation. The RBA’s policy-making committee meets on Tuesday.  NZD/USD climbed 0.9% to 0.7290, recovering some of Friday’s 1.9% slide, while USD/CAD fell 0.5% to 1.2680.

GBP/USD faced rejection near the 1.4000 mark and trimmed a part of its intraday gains. An optimistic UK economic outlook extended some support and helped limit the downside. An upward revision of the UK Manufacturing PMI for February, which was finalized at 55.1 as against 54.9 estimated, extended some support to the GBP/USD pair. EUR/USD…

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