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US Dollar takes a breath at multi - month highs amid mixed virus news

US Dollar takes a breath at multi - month highs amid mixed virus news

Information is not investment advice

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Ichimoku Kinko Hyo

NZD/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 below 23.6% retracement area with bulls to struggle day by day more to gain control.

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EU Market View

Asia-Pac stocks traded mostly higher following the rebound in the US where small caps atoned for the prior day's underperformance. European Commission President von der Leyen said that companies have to honour their contracts to the EU before exporting vaccines. European stock markets are seen opening higher Friday, helped by late gains on Wall Street overnight, although the positive tone will be tempered by ongoing concerns over rising Covid-19 cases and the region’s slow vaccine rollout. The region's third wave of Covid-19 cases still shows few signs of easing: while Italy has flattened its infection curves, cases continue to rise in Germany, Austria, and France. Poland also registered a new record high for cases on Thursday. Another reason for concern is the rising tension between the West and China, after the EU joined the U.S. and a number of Western countries this week in imposing sanctions on officials in China's Xinjiang region over allegations of human rights abuses.

The dollar traded near multi-month highs against most major currencies on Friday, supported by a wave of optimism over improving U.S. economic data, the rollout of coronavirus vaccines, and rising Treasury yields. The euro rebounded slightly ahead of data on German business sentiment due later in the day, but the outlook for the common European currency has soured because of renewed coronavirus lockdowns and the slow pace of vaccinations across the European Union.

 U.K. retail sales fell by 3.7% on the year in February, slightly improvement from the 5.9% drop the previous month, but still indicative of a difficult situation with a lot of the country locked down.

Oil prices rebounded Friday amid worries that it may take weeks to free the container ship stuck in the Suez Canal, blocking supply through the key waterway for a prolonged period of time.

Looking ahead, highlights from macroeconomic calendar include UK retail sales, German IFO, personal income and spending, Uni. of Michigan (final)

EU Key Point

  • Oil up 2% to start the day.
  • UK February retail sales +2.1% vs +2.1% m/m expected.
  • Senior BOJ official says no change to stance that it has no plan to issue central bank digital currency.
  • Germany reports 21,573 new coronavirus cases, 183 deaths in latest update today.
  • World Bank predicts China’s economy will expand by 8.1% in 2021 (vs. 2.3% in 2020).
  • USD/CHF sits near multi-month tops.
  • GBP/USD eases from three-day tops, holds steady near mid-1.3700s post-UK data.
  • Dollar takes a breather amid mixed virus news.
  • Risk keeps a modest bounce ahead of European trading.

 

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