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Cable falls to one-week low as pound slips

Cable falls to one-week low as pound slips

Information is not investment advice

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Ichimoku Kinko Hyo

EUR/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

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Fibonacci Levels

 XAU/USD: Gold facing a further strength the last hours and trading on the retracement area of 23.6%.

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US Market View

Retail sales data for February will set the tone for the Federal Reserve’s two-day policy meeting that starts later. Industrial production and housing market data are also due.US retail sales were up 6.3% y/y in February despite the bad weather and a 17.4% drop in food services & drinking places. The Federal Reserve starts a two-day policy meeting against the backdrop of a market that seems, for now, to have finished repricing its inflation expectations. The 10yr Treasury yields is steady at just over 1.60%.

A third wave of Covid-19 infections is building in Europe, with Germany, France, Italy and the Benelux countries all reporting rising infections. The situation isn’t being helped by Europe’s ongoing efforts to sabotage its own vaccination program. A German decision to stop distributing the AstraZeneca-Oxford University vaccine on Monday led to France and Italy following suit. The Italian medicines regulator called it a political decision while the European Medicines Agency, which is responsible for declaring medical products safe, repeated its opinion that the benefits of the vaccine outweigh any risks.

Chinese President Xi Jinping reiterated the need for tighter regulation of the country’s Internet platform companies, stepping up a campaign that began late last year with the derailing of Ant Group’s IPO.

Crude oil prices continued to weaken ahead of U.S. inventory data later in the day from the American Petroleum Institute.

USA Key Point

  • EURUSD rotates back between the 100- and 200-hours moving averages.
  • US February advance retail sales -3.0% vs -0.5% expected.
  • The CHF is the strongest and the GBP is the weakest.
  • Fauci: No red flags on vaccine safety in the US thus far.
  • Dollar pares advance as the push and pull continues ahead of the Fed tomorrow.
  • Germany March ZEW survey current situation -61.0 vs -62.0 expected.
  • COVID-19 no longer top market risk for the first time since February 2020 - BofA fund manager survey.
  • ECB's Lane: We are not at the lower bound in terms of rates.
  • Gold keeps steadier to start the week, but the Fed still holds the key for what comes next.
  • European assets are taking the vaccine disturbance in stride, for now at least.
  • AUD/USD nudges lower to test key near-term levels once again on firmer dollar.

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The Fed & Delta Variant

The Federal Reserve decided to keep the current policy unchanged as widely expected, with no additional information about the timing of the tapering. In fact, in this meeting, the Fed mentioned tapering twice only.

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