FX MARKET REPORT 10.03.2021

FX MARKET REPORT 10.03.2021

FX MARKET REPORT 10.03.2021

Daily Commentary
FX MARKET REPORT 10.03.2021
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FX MARKET REPORT 10.03.2021

The GBP/USD pair quickly recovered around 25 pips from daily lows and was last seen trading in the neutral territory, around the 1.3870-75 region during the early European session. The pair witnessed some selling during the early part of the trading action on Wednesday and retreated further from three-day tops, around the 1.3925 region touched in the previous session. The downtick was exclusively sponsored by the emergence of some fresh buying around the US dollar, though lacked any strong follow-through selling. Following the overnight pullback, the USD was back in demand and inched back closer to multi-month tops amid signs of stability in the US Treasury bond yields. EUR/USD extends losses towards 1.1850 heading into early European trading. Resurgent US dollar demand amid stabilizing Treasury yields and risk-off mood weigh on the spot. Focus shifts to the US CPI and stimulus vote. GBP/EUR is trading at 1.1660 after the Bank of England (BoE) Governor Andrew Bailey has talked of permanent changes to the economy.  The dollar was pushed higher by the stabilization of U.S. Treasury yields following their drop from one-year highs. The dollar index was up 0.2% at 92.155, after falling back Tuesday from a 3 1/2-month high of 92.506. USD/JPY was up 0.3% at 108.83, while the risk-sensitive AUD/USD fell 0.3% to 0.7690. USD/CNY inched up to 6.5073 after the release of the Chinese CPI figures.

The GBP/USD pair quickly recovered around 25 pips from daily lows and was last seen trading in the neutral territory, around the 1.3870-75 region during the early European session. The pair witnessed some selling during the early part of the trading action on Wednesday and retreated further from three-day tops, around the 1.3925 region touched…

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