FX MARKET REPORT 14.05.2021

FX MARKET REPORT 14.05.2021

FX MARKET REPORT 14.05.2021

Daily Commentary
FX MARKET REPORT 14.05.2021
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FX MARKET REPORT 14.05.2021

The GBP/USD pair seems to be in a corrective pullback on Friday, having tested multi-month highs at 1.4166 on March 11. Brexit remains a pain area for the cable, UK condemns EU over Brexit finance ‘threats’ and asks for its resolution in the latest developments. As for now, investors turn their attention to US Retail Sales and Industrial Production data to gain fresh trading impetus. EUR/USD has been able to stabilise as the market mood improved.  Support for the pair awaits at 1.2075, which was a swing high in early May. It is followed by 1.2055, the weekly trough, and then by 1.2015 and the psychologically significant 1.20. Some resistance is at the recent high of 1.2110, followed by 1.2150, April’s peak, and then by the current month’s top line of 1.2180. The European Central Bank (ECB) policymaker Yannis Stournaras noted on Thursday that markets show an increase in inflation expectations but added that inflation worries in Europe are not the same as in the US, per Reuters. This helped the regional currency traders to stay optimistic even as recent fears from the prices probes recovery moves. The ECB policymakers are not only less worried about inflation but also hope for a stronger recovery in 2021 and 2022, per the latest economic forecast. Though, the bloc accepts that the pick-up seems to lag behind the UK. The U.S. Dollar Index inched up 0.02% to 90.755 The USD/JPY pair edged up 0.14% to 109.61. The AUD/USD pair inched down 0.06% to 0.7724 and the NZD/USD pair inched up 0.04% to 0.7174. The USD/CNY pair inched down 0.08% to 6.4457.

The GBP/USD pair seems to be in a corrective pullback on Friday, having tested multi-month highs at 1.4166 on March 11. Brexit remains a pain area for the cable, UK condemns EU over Brexit finance ‘threats’ and asks for its resolution in the latest developments. As for now, investors turn their attention to US Retail…

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