FX MARKET REPORT 03.03.2021

UK Finance Minister Rishi Sunak will be in the global stoplight as he will deliver his second annual budget for the British economy. While the Chancellor of the Exchequer has already signalled readiness to do “whatever it takes”, traders would seek clues as to how the present freebies will be curtailed in the future to…

FX MARKET REPORT 02.03.2021

GBP/USD remains depressed below 1.3900 mark, hangs near 1-1/2-week lows. The USD buying interest picked up pace during the early European session and dragged the GBP/USD pair to one-and-half-week lows, around the 1.3865 region in the last hour. A sustained break below the 1.3900 mark might have shifted the bias in favour of bearish traders.…

FX MARKET REPORT 01.03.2021

GBP/USD faced rejection near the 1.4000 mark and trimmed a part of its intraday gains. An optimistic UK economic outlook extended some support and helped limit the downside. An upward revision of the UK Manufacturing PMI for February, which was finalized at 55.1 as against 54.9 estimated, extended some support to the GBP/USD pair. EUR/USD…

FX MARKET REPORT 26.02.2021

GBP/USD remained under some selling pressure for the second straight session on Friday. The intraday downtrend managed to find some support near the 1.3900 confluence level. Mixed technical indicators warrant some caution before placing aggressive directional bets. EUR/USD comes under pressure and returns to 1.2130.The dollar bounces off lows on the back of higher yields.US…

FX MARKET REPORT 25.02.2021

GBP/USD has bounced off the lows as Powell’s dovish message weighs on the dollar. An attack on 1.42 looks imminent, Markets seemed to have been waiting for a further reassuring from Jerome Powell, Chairman of the Federal Reserve, before making another convincing move higher. The upbeat mood is adverse for the dollar, despite higher bond…

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…

FX MARKET REPORT 23.02.2021

Having tested the 1.4100 level in the last hour, GBP/USD is consolidating the latest leg higher around 1.4080, up 0.11% on the day. EUR/USD is gaining 0.09% at 1.2164 and a breakout of 1.2179 (weekly high Feb.23) would target 1.2189 (weekly high Jan.22) en route to 1.2349 (2021 high Jan.6). On the downside, the next…

FX MARKET REPORT 22.02.2021

GBP/USD is back on the bids in the European session, once again approaching the 1.4050 level to retest the 35-month highs. Boris Johnson’s office announced that the four conditions to ease the covid-induced lockdown are met and therefore, the government can proceed with the first step of reopening the economy from March 8. Meanwhile, PM…

FX MARKET REPORT 19.02.2021

UK Manufacturing PMI beats estimates with 54.9 in Feb. Services PMI in the UK jumps to 49.7 in Feb, a big beat. GBP/USD sees fresh demand and renews multi-month tops above 1.40. EUR/USD clinches fresh tops in the 1.2140 region. Flash German, EMU Manufacturing PMI surprised to the upside. Flash PMIs, housing data, Fed speak…

FX MARKET REPORT 18.02.2021

GBP/USD caught some aggressive bids during the early European session. The momentum pushed the pair back above the 1.3900 round-figure mark. President Joe Biden may struggle to pass his proposed $1.9 trillion covid relief program and that means less debt issuance. In turn, Treasury yields may drop off their highs, and make the dollar less…

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