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Europe Roundup:Sterling hits fresh highs vs dollar,European shares hover near one-year highs ,Oil prices near 13-month highs, supported by Texas cold snap-February 16th,2021

Market Roundup

•EU Employment Change (YoY) -2.0%,-2.3% previous

•French Unemployment Rate (Q4) 8.0%, 9.0% forecast ,9.0%previous

•EU Employment Change (QoQ) 0.3%,1.0% previous

•EU GDP (YoY) (Q4) -5.0%,-5.1% forecast, -5.1% previous

•EU GDP (QoQ) (Q4) -0.6%,-0.7% forecast, -0.7% previous

•German Feb ZEW Economic Sentiment  71.2, 59.6 forecast, 61.8 previous

•German Feb ZEW Economic Sentiment  69.6, 58.3 previous

•EU Employment Overall (Q4) 157,927.0K, 157,386.5K previous

•German Feb ZEW Current Conditions  -67.2, -67.0, -66.4 previous

Looking Ahead - Economic Data (GMT)

•13:15 Canada Jan Housing Starts  228.3K previous

 •13:30 US Feb NY Empire State Manufacturing Index  6.00 forecast, 3.50 previous

•13:30 Canada Dec  Foreign Securities Purchases by Canadians  7.58B previous

 •13:30 Canada Dec  Foreign Securities Purchases  11.78B previous

•14:40 New Zealand GlobalDairyTrade Price Index 1.8% previous

Looking Ahead - Economic events and other releases (GMT)

•16:10 US FOMC Member Bowman Speaks

•20:00 US FOMC Member Daly Speaks

Fx Beat 

EUR/USD: The euro edged higher against dollar on Monday as growing optimism about the outlook of the global economy in the coming months boosted euro. The positive outlook for the major economies continues to support financial market sentiment thanks to sharp gains in crude oil prices and optimism over better growth ahead due to the impressive roll-out of COVID vaccines.The euro rose 0.2% higher to $1.21410, extending last week’s 0.6% advance. Immediate resistance can be seen at 1.2177(50%), an upside break can trigger rise towards 1.2235 (61.8%fib).On the downside, immediate support is seen at 1.2129 (5EMA), a break below could take the pair towards 1.2107 (38.2%fib).

GBP/USD: Sterling hit two-and-a-half-year highs against the dollar on Tuesday as investors continued to bet that rapid COVID-19 vaccinations would set Britain up to recover from its biggest drop in output in 300 years.The pound rose to $1.3955 against the dollar its highest since April 2018. Against the euro, it reached 87.06 pence, its highest since May 2020, last trading flat at 87.20 pence per euro. Immediate resistance can be seen at 1.3955(Daily high), an upside break can trigger rise towards 1.4000(Psychological level).On the downside, immediate support is seen at 1.3862 (5EMA), a break below could take the pair towards 1.3895 (38.2%fib).

USD/CHF: The dollar declined against the Swiss franc on Tuesday as optimism about the global economic recovery and expectations of low interest rates drove investments away from greenback. Successful rollouts of COVID-19 vaccines in many countries are raising hopes of further recovery in economic activities hampered by range of anti-virus curbs.U.S. President Joe Biden is pushing ahead with his plan to pump an extra $1.9 trillion in stimulus into the economy, in a further boost to market sentiment. At (GMT 12:29), greenback dipped 0.28% versus the Swiss franc to 0.8878. Immediate resistance can be seen at 0.8934 (38.2%fib), an upside break can trigger rise towards 0.8972 (23.6%fib).On the downside, immediate support is seen at 0.8867(61.8%fib), a break below could take the pair towards 0.8899(Psychological level).

USD/JPY: The dollar declined against the Japanese yen on Tuesday as traders unwound some of their bullish bets on the U.S. economy's outlook after weak surveys data last week.U.S. consumer sentiment unexpectedly fell in early February amid growing pessimism about the economy among households with annual incomes below $75,000, according to a University of Michigan survey. Against a basket of its rivals, the greenback weakened 0.2% to 90.13, its lowest level since Jan. 26. It has fallen 1.5% over the past eight trading sessions.Strong resistance can be seen at 105.42 (23.6%fib), an upside break can trigger rise towards 106.00(Psychological level ).On the downside, immediate support is seen at 104.87 (38.2%fib), a break below could take the pair towards 104.40 (50%fib).

Equities Recap

European shares hovered near one-year highs on Tuesday as investors bet a bumper U.S. stimulus package will power global economic growth this year, while Glencore led a rally among mining stocks after it reinstated its dividend.

At (GMT 12:38),UK's benchmark FTSE 100 was last trading higher at 0.19 percent, Germany's Dax was down by 0.15 percent, France’s CAC was last down by 0.06 percent.

Commodities Recap

Gold gained on Tuesday as   likely pick up in global economic activity boosted demand for yellow metal.

Gold  prices were up 0.3% to $1,823.31, but higher benchmark U.S. Treasury yields limited bullion's gains.     

U.S. gold futures  were steady at $1,824.00 per ounce, while silver  gained 0.5% to $27.73.

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