FX MARKET REPORT 22.04.2021

FX MARKET REPORT 22.04.2021

FX MARKET REPORT 22.04.2021

Daily Commentary
Daily Commentary
FX MARKET REPORT 22.04.2021
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FX MARKET REPORT 22.04.2021

GBP/USD set to tackle 1.40, fundamental picture remains favourable for cable bulls. Some resistance awaits at the daily high of 1.3950, followed by the fresh April peak of 1.4010. Support is at this week’s swing low of 1.3880, followed by 1.3850 and 1.38. EUR/USD moved to fresh peaks around 1.2080 before losing some traction amidst the resurgence of dollar demand and volatility on fresh coronavirus woes. The continuation of the rally has been so far supported by the renewed offered bias in the dollar along with the investors’ shift to the growth prospect in Europe now that the vaccine campaign appears to have gained some serious pace. In addition, solid results from key fundamentals and the improvement in the sentiment in the euro area as of late also appear to bolster the momentum surrounding the single currency. Dollar was 0.1% lower at 91.013, just above the seven-week low of 90.856 seen on Tuesday. USD/JPY was down 0.2% at 107.84,  while the risk-sensitive AUD/USD rose 0.1% to 0.7755, after touching a seven-week high of 1.2079 earlier in the week. Investors have also turned away from the greenback as U.S. Treasury yields reversed their climbs in March 2021, and an auction of 20-year Treasuries drew strong demand on Wednesday, which also helped to cap yields.

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GBP/USD set to tackle 1.40, fundamental picture remains favourable for cable bulls. Some resistance awaits at the daily high of 1.3950, followed by the fresh April peak of 1.4010. Support is at this week’s swing low of 1.3880, followed by 1.3850 and 1.38. EUR/USD moved to fresh peaks around 1.2080 before losing some traction amidst…

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