FX MARKET REPORT 25.03.2021

FX MARKET REPORT 25.03.2021

FX MARKET REPORT 25.03.2021

Daily Commentary
FX MARKET REPORT 25.03.2021
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FX MARKET REPORT 25.03.2021

GBP/USD struggled to preserve early gains to levels just above the 1.3700 mark. Sustained USD buying turned out to be a key factor that prompted fresh selling. The set-up favours bearish traders amid tensions over COVID-19 vaccine supplies. EUR/USD faces extra selling pressure near the 1.1800 level. The upside momentum in the pair follows the persistent USD strength. German Consumer Confidence improved to -6.2 in April. EUR/USD loses ground for the third session in a row and accelerates the breakdown of the key 200-day SMA (1.1854), all collaborating further with the ongoing bearish note around the single currency. The pair keeps the negative note unchanged, as investors exacerbate the outflows from the shared currency in response to fresh/tighter lockdown restrictions in the Old Continent amidst rising speculations that another wave of the pandemic could be shaping up. The dollar index was up 0.2% at 92.712, just below a four-month high of 92.692 reached overnight. USD/JPY was up 0.3% at 109.07, GBP/USD was down 0.1% at 1.3672, while the risk-sensitive AUD/USD was flat at 0.7583.

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GBP/USD struggled to preserve early gains to levels just above the 1.3700 mark. Sustained USD buying turned out to be a key factor that prompted fresh selling. The set-up favours bearish traders amid tensions over COVID-19 vaccine supplies. EUR/USD faces extra selling pressure near the 1.1800 level. The upside momentum in the pair follows the…

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