FX MARKET REPORT 11.05.2021

FX MARKET REPORT 11.05.2021

FX MARKET REPORT 11.05.2021

Daily Commentary
FX MARKET REPORT 11.05.2021
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FX MARKET REPORT 11.05.2021

GBP/USD maintains its base above the March highs at 1.4001/17. Economists at Credit Suisse look a move back to 1.4238, then to the first core upside target of 1.4302/77. EUR/USD reverses the pessimism seen at the beginning of the week and manages to reclaim buying interest and re-visits the mid-1.2100s, or daily highs so far. Coupled with the soft note in the dollar, yields of the German 10-year Bund climb to the vicinity of monthly highs around -0.17%, all rendering into extra wings to the pair amidst the better mood in the risk complex. In the euro docket, the German/EMU ZEW survey will take centre stage later in the session. In the NA session, the NFIB Index comes up next followed by the JOLTs Job Openings and the API’s weekly report on US oil stockpiles. EUR/USD extended further the bounce off the 1.1985/80 band and faltered in the 1.2180 region so far, area coincident with a Fibo level (of the November-January rally). The dollar index was up 0.1% at 90.245, after dipping as low as 90.130 for the first time since Feb. 26. USD/JPY rose 0.1% to 108.91. Looking at the main commodity currencies, USD/CAD traded at 1.2096, close to its weakest in more than three years. AUD/USD gained 0.1% to 0.7833, near an 11-week high, while NZD/USD was quoted at 0.7269, which is near its strongest level since late February.

GBP/USD maintains its base above the March highs at 1.4001/17. Economists at Credit Suisse look a move back to 1.4238, then to the first core upside target of 1.4302/77. EUR/USD reverses the pessimism seen at the beginning of the week and manages to reclaim buying interest and re-visits the mid-1.2100s, or daily highs so far.…

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