FX MARKET REPORT 02.02.2021

FX MARKET REPORT 02.02.2021

FX MARKET REPORT 02.02.2021

Daily Commentary
Daily Commentary
FX MARKET REPORT 02.02.2021
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FX MARKET REPORT 02.02.2021

GBP/USD eases from intraday top while also snapping two-day downtrend. South African virus strain cases without travel history triggered mass testing blitz in Britain, EU tightens rules for foreign visitors. UK PM Johnson stays hopeful for school open, Chancellor Sunak steps back from tax hikes. US President Joe Biden discusses stimulus, market frenzy eases. Renewed USD selling bias assisted GBP/USD to regain positive traction on Tuesday. The prevalent upbeat market mood was seen weighing on the safe-haven greenback. The upside seems limited as the focus remains on the BoE policy meeting on Thursday. EUR/USD has been failing to take advantage of the upbeat market mood and advance. The critical 1.2050 triple-bottom looks vulnerable after the dead-cat bounce as concerns about eurozone growth, vaccine supplies or US stimulus may spark a sell-off. Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.1% at 90.965, after pushing as high as 91.063 overnight for the first time since Dec. 10. USD/JPY rose 0.1% at 105.00 while the risk-sensitive AUD/USD fell 0.1% at 0.7611.

GBP/USD eases from intraday top while also snapping two-day downtrend. South African virus strain cases without travel history triggered mass testing blitz in Britain, EU tightens rules for foreign visitors. UK PM Johnson stays hopeful for school open, Chancellor Sunak steps back from tax hikes. US President Joe Biden discusses stimulus, market frenzy eases. Renewed…

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