FX MARKET REPORT 12.02.2021

FX MARKET REPORT 12.02.2021

FX MARKET REPORT 12.02.2021

Daily Commentary
FX MARKET REPORT 12.02.2021
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FX MARKET REPORT 12.02.2021

GBP/USD near multi-day lows, below 1.3800 mark. Break below the 23.6% Fibonacci. might have paved the way for further weakness. Mixed technical indicators warrant caution before placing fresh bearish bets.  Oscillators on the daily chart – though have been losing positive traction – are yet to confirm the bearish bias. Hence, any subsequent fall is likely to find decent support near the 1.3760-55 resistance breakpoint, which should act as a key pivotal point and help determine the GBP/USD pair’s near-term trajectory. EUR/USD comes under some pressure near 1.2100. Immediately to the upside comes in a Fibonacci level at 1.2173.The dollar index was up 0.1% at 90.487, but still on track to fall 0.6% this week. USD/JPY was up 0.2% at 104.88, while AUD/USD rose 0.1% to 0.7746. The weekly initial jobless claims data came in weaker-than-expected on Thursday, adding to last week’s nonfarm payrolls number that suggested that the recovery in the jobs market in the U.S. would be a prolonged affair.

GBP/USD near multi-day lows, below 1.3800 mark. Break below the 23.6% Fibonacci. might have paved the way for further weakness. Mixed technical indicators warrant caution before placing fresh bearish bets.  Oscillators on the daily chart – though have been losing positive traction – are yet to confirm the bearish bias. Hence, any subsequent fall is…

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