FX MARKET REPORT 26.03.2021

FX MARKET REPORT 26.03.2021

FX MARKET REPORT 26.03.2021

Daily Commentary
FX MARKET REPORT 26.03.2021
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FX MARKET REPORT 26.03.2021

GBP/USD to warn of a more significant correction lower below 1.3779. EUR/USD picks up extra pace and approaches 1.1800. German IFO Business Climate surprised to the upside. The likeliness of another wave of the coronavirus pandemic, further lockdown restrictions and the poor pace of the vaccination campaign in Europe all collaborate in the selling pressure around the shared currency and the deterioration of the sentiment surrounding the pair for the time being. EUR/USD would target 1.2000 (psychological level) en route to 1.2031 (50-say SMA). On the flip side, immediate contention emerges at 1.1761 (2021 low Mar.25) seconded by 1.1745 (low Nov.23 2020) and finally 1.1602 (monthly low Nov.4). US PCE, Personal Income/Spending, U-Mich Index next on tap. The dollar index was down 0.1% at 92.793, just below a four-month high of 92.868 reached overnight. USD/JPY was up 0.1% at 109.25, near its highest since June, while the risk-sensitive AUD/USD rose 0.5% to 0.7619.

GBP/USD to warn of a more significant correction lower below 1.3779. EUR/USD picks up extra pace and approaches 1.1800. German IFO Business Climate surprised to the upside. The likeliness of another wave of the coronavirus pandemic, further lockdown restrictions and the poor pace of the vaccination campaign in Europe all collaborate in the selling pressure…

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