FX MARKET REPORT 08.03.2021

FX MARKET REPORT 08.03.2021

FX MARKET REPORT 08.03.2021

Daily Commentary
Daily Commentary
FX MARKET REPORT 08.03.2021
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FX MARKET REPORT 08.03.2021

GBP/USD resists dollar strength but not for too long. The Bank of England (BOE) Governor Andrew Bailey is scheduled to speak at a webinar hosted by the Resolution Foundation at 1000 GMT on Monday, with the speech titled ‘The economic outlook.” GBPUSD holding below 1.3820 today is a medium-term sell signal targeting1.3780/70 then 1.3715/05. Gains are likely to be limited in what could be a developing bear trend. Minor resistance at 1.3890/1.3900. Unlikely but a break higher meets strong resistance at1.3950/60. EUR/USD accelerates the downside to the 1.1870 region. Next on the downside comes in the key 200-day SMA. The Sentix Index improved to 1.9 in March. The dollar gained in early European trading Monday, trading around three-month highs, after the passage of the massive Covid-19 relief bill through the Senate added to a strong U.S. labour market report in fostering expectations of a strong recovery this year. The dollar index was up 0.2% at 92.168, near its three-month high of 92.201 set on Friday. USD/JPY was up 0.3% at 108.45, just off a nine-month high, while the risk-sensitive AUD/USD fell 0.1% to 0.7682.

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GBP/USD resists dollar strength but not for too long. The Bank of England (BOE) Governor Andrew Bailey is scheduled to speak at a webinar hosted by the Resolution Foundation at 1000 GMT on Monday, with the speech titled ‘The economic outlook.” GBPUSD holding below 1.3820 today is a medium-term sell signal targeting1.3780/70 then 1.3715/05. Gains…

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