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GBP/USD: Sellers target 1.3800 even as UK unlock begins

GBP/USD: Sellers target 1.3800 even as UK unlock begins

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

 XAG/USD: Silver continuous to stand below 23.6% retracement area. Bearish pressure gains momentum day by day.

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EU Market View

Asian equity markets eventually traded mostly lower as underperformance in tech sapped the early momentum from stimulus progress.  European stock markets are seen opening mixed Monday, with investors fretting about higher U.S. Treasury yields even as hopes for a global economic recovery from the Covid-19 pandemic grow. Equity markets have been boosted over the last few months by the expectation that loose fiscal and monetary policy will give a powerful boost to the economic recovery, but optimism has been tempered by fears over rising inflation and interest rates. 

U.S. Senate passed the $1.9 trillion stimulus package, proposed by President Joe Biden earlier this year, over the weekend. This raises the likelihood that this bill will be passed into law before enhanced jobless benefits expire on March 14.

GBP/USD holds lower ground near 1.3820. With 82 coronavirus (COVID-19) related deaths in Britain, the lowest since October 2020, Britain is confident of easing the virus-led activity restrictions.

Looking ahead, highlights from macroeconomic calendar include ECB asset purchase data, BoE's Bailey speech.

EU Key Point

  • Germany January industrial production comes at -2.5% vs -0.4% m/m than expected.
  • BOJ's Amamiya supports that BOJ able is to control long-term yields because of bond-buying operations.
  • Germany reports 5,011 new coronavirus cases, 34 deaths in latest update today.
  • US President Biden is keen to sign direct stimulus checks.
  • Fed Chair Powell & FOMC colleagues are looking at a new set of labor market indicators.

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