FX MARKET REPORT 24.02.2021

FX MARKET REPORT 24.02.2021

FX MARKET REPORT 24.02.2021

Daily Commentary
Daily Commentary
FX MARKET REPORT 24.02.2021
/
FX MARKET REPORT 24.02.2021

GBP/USD consolidates the spike to 1.4234. However, the cautious tone seen around the major could be mainly attributed to the overbought conditions on the Relative Strength Index (RSI), given the daily timeframe. The bulls are now contemplating the next move, with the 1.4300 level still on sight. Although a correction could be in the offing before the cable takes a flight once again northwards. To the downside, the bears have to beat the daily lows of 1.4106, in order to extend the corrective downside. EUR/USD has been lagging behind its peers, partially due to prospects of extended lockdown measures in Germany and AstraZeneca’s announcement of yet another cut in AstraZeneca’s delivery of vaccines to the old continent. The firm slashed by half its provisions for the second quarter, from 180 to 90 million doses. The dollar index edged down 0.10% to 90.032, sliding to a three-year low against the GBP and recording losses against commodities currencies, as increased bets that the global economic recovery from COVID-19 will whet investors’ risk appetite. The USD/JPY pair edged up 0.15% to 105.39. The AUD/USD pair was up 0.35% to 0.7937. The AUD, a usual beneficiary of rising metal and energy prices, climbed to near a three-year high. The NZD/USD pair was up 0.40% to 0.7369. The USD/CNY pair inched down 0.09% to 6.4585. The NZD was the focus of attention as the Asian session opened. The Reserve Bank of New Zealand (RBNZ) said that it would keep its interest rate unchanged at 0.25% earlier in the day, in line with expectations.

GBP/USD consolidates the spike to 1.4234. However, the cautious tone seen around the major could be mainly attributed to the overbought conditions on the Relative Strength Index (RSI), given the daily timeframe. The bulls are now contemplating the next move, with the 1.4300 level still on sight. Although a correction could be in the offing…

Leave a Reply

Your email address will not be published.