Market Roundup
•Swiss Feb Unemployment Rate s.a. 3.6%,3.6% forecast, 3.5% previous
•Swiss Feb Unemployment Rate n.s.a. 3.6%,3.7% previous
•German Jan Industrial Production (MoM) -2.5%, 0.2% forecast, 1.9% previous
•Spanish Jan Industrial Production (YoY )-2.2%, -0.7% forecast, -0.6% previous
•EU March Sentix Investor Confidence 5.0, 1.9 forecast, -0.2 previous
Looking Ahead Economic Data
•14:00 French 6-Month BTF Auction -0.603% previous
•14:00 French 3-Month BTF Auction -0.606% previous
•14:00 French 12-Month BTF Auction -0.590% previous
•15:00 US Jan Wholesale Trade Sales (MoM) 1.4%,1.2% previous
•15:00 US Feb CB Employment Trends Index 99.27 previous
•15:00 US Wholesale Inventories (MoM) 1.3% previous
•16:00 EU Consumer Inflation Expectation 15.7 previous
Looking Ahead - Events, Other Releases (GMT)
• No significant events
Fxbeat
EUR/USD: The euro declined on Monday as dollar was supported by rising U.S. Treasury yields. In early Monday trade, most 10-year bond yields were up 2 basis points on the day, but holding below recent highs . A note of caution before Thursday's European Central Bank meeting appeared to limit selling. Policymakers from ECB President Christine Lagarde to chief economist Philip Lane have expressed unease. Markets want to know the game plan. Immediate resistance can be seen at 1.1923 (50%fib), an upside break can trigger rise towards 1.2000(Psychological level).On the downside, immediate support is seen at 1.850(38.2%fib), a break below could take the pair towards 1.1798 (Nov 23rd low 2020).
GBP/USD: Sterling gained against dollar against the dollar on Monday as the UK’s relative success in COVID-19 vaccinations supported the British currency. Although Britain has Europe’s biggest coronavirus death toll, it has outperformed on the vaccine front, with more than 21 million people having received the first dose of a COVID-19 vaccine.In the first step towards a return to normality, schools in England reopened on Monday as part of the UK’s lockdown-easing plan.At 1230-GMT, the pound was up 0.03% against a stronger dollar, at $1.3833.Immediate resistance can be seen at 1.3910 ( 23.6%fib), an upside break can trigger rise towards 1.4017 (March 4th high).On the downside, immediate support is seen at 1.3803 (38.2%fib), a break below could take the pair towards 1.3706(50%fib).
USD/CHF: The dollar rose against the Swiss franc on Monday as the passage of a $1.9 trillion stimulus bill in the world’s largest economy buoyed appetite for dollar. Dollar benefited from unprecedented global fiscal and monetary stimulus during the COVID-19 pandemic. The dollar index duly shot up to levels not seen since late November and was last at 91.897, well above its recent trough of 89.677.Immediate resistance can be seen at 0.9373(23.6%fib), an upside break can trigger rise towards 0.9400 (Pscyhological level).On the downside, immediate support is seen at 0.9275(38.2% fib), a break below could take the pair towards 0.9255(5DMA).
USD/JPY: The dollar rose to hit nine-month high against the Japanese yen on Monday as the passage of a $1.9 trillion COVID-19 relief package by the U.S. Senate lifted greenback. The Senate on Saturday passed the stimulus package - one of the biggest in U.S. history - and President Joe Biden said he hoped for quick passage of the revised bill by the House of Representatives so he could sign it and send $1,400 direct payments to Americans. The dollar gained on the low-yielding yen, reaching a nine-month top of 108.63, and was last changing hands at 108.37. Strong resistance can be seen at 108.78 (23.6% fib), an upside break can trigger rise towards 109.00 (Psychological level).On the downside, immediate support is seen at 108.04 (38.2%fib), a break below could take the pair towards 107.78 (5DMA).
Equities Recap
Shares of banks and automakers lifted European shares on Monday as investors continued to move into economy-linked sectors on hopes of a solid economic rebound from the coronavirus downturn.
At (GMT 13:00 ),UK's benchmark FTSE 100 was last trading up at 0. 05 percent, Germany's Dax was down by 1.30 percent, France’s CAC finished was up by 0. 83 percent.
Commodities Recap
Gold prices rose on Monday, recovering from a near nine-month low hit in the previous session, as a passage of the long awaited $1.9 trillion U.S. coronavirus relief package boosted the metal's appeal.
Spot gold rose 0.3% to $1,705.62 per ounce by 0041 GMT, after hitting its lowest since June 8 at $1,686.40 on Friday. U.S. gold futures climbed 0.3% to $1,703.
Oil prices climbed above $70 a barrel for the first time since the start of the coronavirus crisis, after the U.S. Senate passed a $1.9 trillion economic stimulus package and a Yemeni group attacked Saudi Arabia’s oil industry.
Benchmark Brent climbed as high as $71.38 a barrel in early Asian trade, its highest since Jan. 8, 2020. By 1110 GMT, it was trading up 12 cents or 0.2% at $69.48, still hovering around its highest level in more than a year.
U.S. West Texas Intermediate (WTI) crude was up 14 cents or 0.2% at $66.23 after touching $67.98 a barrel, its highest since October 2018.
