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Europe Roundup: Euro set for biggest monthly drop since mid-2019, European shares gain, Gold falls, Oil falls on hopes that Suez Canal blockage might end soon-March 29th ,2021

Market Roundup

• UK Net Lending to Individuals  4.9B, 2.8B previous       

• UK BoE Feb Consumer Credit -1.246B, -1.250B forecast, -2.392B previous         

• UK Feb Mortgage Approvals  87.70K, 95.00K forecast, 98.99K previous

• UK Feb Mortgage Lending  6.20B, 5.00B forecast, 5.17B previous

• UK Feb M4 Money Supply (MoM)  0.8%,0.7% previous

Looking Ahead - Economic Data (GMT) 

•14:00 French 6-Month BTF Auction-0.620% previous

•14:00 French 3-Month BTF Auction -0.619% previous

•14:00 French 12-Month BTF Auction-0.625% previous

•15:30 US March Dallas Fed Mfg Business Index  17.2 previous

•15:30 US March 3-Month Bill Auction 0.015% previous

•15:30 US  March 6-Month Bill Auction 0.040% previous

Looking Ahead - Economic events and other releases (GMT)

•No significant events


EUR/USD: The euro declined against dollar on Monday as U.S. economic strength and a vaccine rollout proceeding much more quickly than in Europe drew investors into the greenback. The euro sat at $1.1788, not far above last week's four-and-a-half-month trough of $1.1762 and well below its 200-day moving average of about $1.1866.The common currency is heading for its worst month since mid-2019 as Europe's faltering vaccination programme runs into a wave of new infections, a bearish signal as positioning data shows investors remain heavily long euros. Immediate resistance can be seen at 1.1800 (5 DMA), an upside break can trigger rise towards 1.855 (9 DMA).On the downside, immediate support is seen at 1.1764 (23.6%fib), a break below could take the pair towards 1.1700 (Psychological level).

GBP/USD: Sterling steadied near $1.38 against the dollar on Monday as a decline in concerns about Britain’s COVID-19 vaccine supply from the European Union helped turn around some of the currency’s recent losses. The EU last week stopped short of imposing a ban on vaccine exports, a proposal that had caused concern in Britain, which relies on imports of COVID-19 inoculations for its rapid vaccination programme, which has benefited the pound. Expectations that Britain’s economy will reopen quickly after its rapid vaccine rollout lifted sterling to $1.42 in February, at the time making it the best performing G10 currency. Immediate resistance can be seen at 1.3845 (38.2%fib), an upside break can trigger rise towards 1.3965 (23.6%fib).On the downside, immediate support is seen at 1.3755(50%fib), a break below could take the pair towards 1.3664 (61.8%fib).

USD/CHF: The dollar strengthened against the Swiss franc on Monday as the rapid U.S. coronavirus vaccine rollout strengthened recovery prospects in the world's largest economy, lifting the greenback.The dollar began the week on a strong footing, helped by optimism about the U.S. economy as the number of people receiving vaccination shots hit 94 million people, far outpacing Europe's rollout. Against a basket of currencies, the dollar steadied at 92.810, just below a November 2020 high of 92.92 hit last week. Immediate resistance can be seen at 0.9407(23.6%fib), an upside break can trigger rise towards 0.9500(Psychological level).On the downside, immediate support is seen at 0.9473 (5 DMA), a break below could take the pair towards 0.9446 (11 DMA).

USD/JPY: The dollar gained against the Japanese yen on Monday as renewed optimism about the pace of economic growth in the United States were offset by worries over rising coronavirus infections in Europe, putting demand for. The greenback was up against most currencies in early trade as cautious investors favoured safe haven assets. As U.S. economy gains strength amid a rapid vaccine rollout in the world's largest economy, a rise in COVID-19 infections in Europe has led to a fall in risk demand. Strong resistance can be seen at 109.84 (26th March high), an upside break can trigger rise towards 110.40 (23.6%fib).On the downside, immediate support is seen at 109.35 (38.2%fib), a break below could take the pair towards 109.03 (9DMA).

Equities Recap

European stocks edged closer to a record high on Monday on optimism over a global economic recovery, while Credit Suisse tumbled following a warning of “significant” losses from exiting positions after a U.S.-based hedge fund defaulted on margin calls.

At (GMT 11:30),UK's benchmark FTSE 100 was last trading down at 0.20% percent, Germany's Dax was up by 0.50 percent, France’s CAC was last up by 0.39 percent.

Commodities Recap

Gold prices fell on Monday as the U.S. dollar and global share markets firmed on the back of improving economic outlook, with elevated bond yields putting further pressure on the metal.

 Spot gold  fell 0.3% to $1,726.35 per ounce by 0651 GMT. U.S. gold futures  slipped 0.4% to $1,724.80 per ounce.

Oil fell on Monday as a container ship blocking Suez Canal for nearly a week was partially refloated raising hopes the busy waterway would soon be reopened and as fuel demand in Europe stayed weak.

Brent oil was down 29 cents, or 0.5%, at $64.28 a barrel by 0854 GMT. U.S. crude fell 55 cents, or 1%, to $60.42 a barrel.

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