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GBP/USD : steady above key pivot point area

GBP/USD : steady above key pivot point area

Information is not investment advice

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Ichimoku Kinko Hyo

GBP/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

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Fibonacci Levels

 XAG/USD: Silver continuous to stand above 38.2% retracement area. Bearish pressure is growing however, bulls still resist.

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EU Market View

Looking ahead, highlights from macroeconomic calendar include German regional and national CPI, EZ, UK & US final manufacturing PMIs, ECB asset purchase data, US construction spending ISM manufacturing, Fed's Williams, Brainard, Bostic, Kashkari, ECB's de Guindos, de Galhau, Makhlouf, Lagarde speeches. Solid demand for technology goods drove extended growth in Asia's factories in February, but a slowdown in China underscored the challenges facing the region as it seeks a sustainable recovery from the shattering COVID-19 pandemic blow.

The vaccine rollouts globally and pick-up in demand provided optimism for a vast number of businesses that had grappled for months with a cash-flow crunch and falling profits.

In Japan, manufacturing activity expanded at the fastest pace in over two years while South Korea's exports rose for a fourth straight month in February, suggesting the region's export-reliant economies were benefiting from robust global trade. On the flip side, China's factory activity grew at the slowest pace in nine months in February, hit by a domestic flare-up of COVID-19 and soft demand from countries under renewed lock-down measures. China's Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) fell to 50.9 in February, the lowest level since last May but still above the 50-mark that separates growth from contraction.

US dollar was down on Monday morning in Asia, with riskier currencies such as the Australian dollar making recoveries against the U.S. currency in the wake of the previous week’s selloff in global bond markets.

EU Key Point

  • Risk keeps in a better spot ahead of European trading.
  • Germany reports 4,732 new coronavirus cases, 60 deaths in latest update today.
  • The RBA doubled the size of its bond-buying today and may continue to be more active.
  • US 10-year yields slip a little further in Asia morning trade.

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