FX MARKET REPORT 02.03.2021

FX MARKET REPORT 02.03.2021

FX MARKET REPORT 02.03.2021

Daily Commentary
FX MARKET REPORT 02.03.2021
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FX MARKET REPORT 02.03.2021

GBP/USD remains depressed below 1.3900 mark, hangs near 1-1/2-week lows. The USD buying interest picked up pace during the early European session and dragged the GBP/USD pair to one-and-half-week lows, around the 1.3865 region in the last hour. A sustained break below the 1.3900 mark might have shifted the bias in favour of bearish traders. EUR/USD sheds ground for the third session in a row and breach the key psychological support at 1.20 the figure on turnaround Tuesday. As the reflation/vaccine trade appears to lose ground as a driver for further upside in the risk complex, strong prospects of US growth plus rising perception by investors of a pick-up in inflation in the medium term have lent extra oxygen to the buck and propelled DXY to new multi-week peaks beyond 91.00 the figure. USD/JPY was up 0.1% at 106.84. The risk-sensitive AUD/USD fell 0.3% to 0.7750, after the Reserve Bank of Australia re-committed to keeping interest rates at historic lows. NZD/USD dropped 0.5% to 0.7224, while USD/CAD rose 0.3% to 1.2684.

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GBP/USD remains depressed below 1.3900 mark, hangs near 1-1/2-week lows. The USD buying interest picked up pace during the early European session and dragged the GBP/USD pair to one-and-half-week lows, around the 1.3865 region in the last hour. A sustained break below the 1.3900 mark might have shifted the bias in favour of bearish traders.…

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