FX MARKET REPORT 07.05.2021

FX MARKET REPORT 07.05.2021

FX MARKET REPORT 07.05.2021

Daily Commentary
FX MARKET REPORT 07.05.2021
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FX MARKET REPORT 07.05.2021

The GBP/USD pair built on its intraday positive move through the first half of the European session and shot to fresh daily tops, around the 1.3925-30 region in the last hour. Following the previous day’s post-BoE two-way price moves, the pair caught some fresh bids on the last trading day of the week and was supported by a combination of factors. The British pound was underpinned by the Bank of England’s more upbeat economic forecasts and decided to slow the pace of weekly bond buying. EUR/USD has essentially held price support at 1.1995/90, just ahead of the 38.2% retracement of the March/April rally at 1.1980. Dollar Index was down 0.1% at 90.905, near its lowest level this week. USD/JPY rose 0.1% to 109.16, the risk-sensitive AUD/USD fell 0.2% to 0.7766, while USD/CAD rose 0.2% to 1.2176, having fallen to a 3-1/2-year low of 1.2145 overnight, helped by the Bank of Canada’s recent tapering of its asset purchases and its shift to more hawkish guidance. The greenback has traded in narrow ranges Friday, with traders focusing on the release of U.S. payrolls data, at 1230 GMT, which are expected to confirm the U.S. labour market is on a solid path towards recovery from the pandemic.

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The GBP/USD pair built on its intraday positive move through the first half of the European session and shot to fresh daily tops, around the 1.3925-30 region in the last hour. Following the previous day’s post-BoE two-way price moves, the pair caught some fresh bids on the last trading day of the week and was…

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