FX MARKET REPORT 09.02.2021

FX MARKET REPORT 09.02.2021

FX MARKET REPORT 09.02.2021

Daily Commentary
FX MARKET REPORT 09.02.2021
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FX MARKET REPORT 09.02.2021

The GBP/USD pair has been hitting new multi-year highs, driven by dollar weakness. The cable could surge above 1.38 as the UK continue pushing immunization with full force. The pound is well-positioned to take advantage of the dollar’s descent, thanks to Britain’s vaccination drive. The UK has already jabbed around 18% of its population and is on course to hit the government’s goal of reaching around 15 million people by February 15. Immediate resistance is at 1.3798, the new 2021 peak. It is followed by 1.3830, 1.39 and 140 – all dating back to 2018. Support is at 1.3760, a previous 2021 peak, followed by 1.3680 and 1.3565, which both served as cushions in recent days. The euro has benefitted from the broad-based US dollar sell-off which has helped to lift EUR/USD back towards the 1.2100-level after hitting an intra-day low at the end of last week of 1.1952. It provides some relief for the euro after a bad start to the year, economists at MUFG Bank report. The dollar index was down 0.3% at 90.638, continuing the weakness seen after Friday’s disappointing U.S. jobs data brought an end to a two-week run that had lifted it to a more than two-month high of 91.6. USD/JPY traded down 0.4% at 104.77.

The GBP/USD pair has been hitting new multi-year highs, driven by dollar weakness. The cable could surge above 1.38 as the UK continue pushing immunization with full force. The pound is well-positioned to take advantage of the dollar’s descent, thanks to Britain’s vaccination drive. The UK has already jabbed around 18% of its population and…

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