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Summary
Politics remains left, right and center with the firing of FBI Director James Comey serving as a trigger for ending the USD rally. The French have elected Emmanuel Macron as the next president in a move that triggered a sigh of relief in markets. But for the euro, this was not such a big surprise. After a quick advance above 1.10, the pair dropped. Elsewhere, the NFP left a mixed message: good gains but a drop in wages. Commodities remain on the back foot. In our show, we preview the BOE, continue to the Canadian dollar after the oil crash and preview the next week.
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EUR/USD looks to stabilize near 1.1600 as focus shifts to US data
EUR/USD is looking to stabilize near 1.1600 in the European session on Wednesday as traders breathe a sigh of relief before the top-tier US ADP jobs and ISM Services PMI data. A pause in the US Dollar uptrend helps the pair's recovery, but surging energy prices due to the Iran war will likely remain a drag.
GBP/USD stays weak near 1.3350 as USD preserves gains
GBP/USD stays in the red below 1.3350 in the European session on Wednesday. Escalating conflict in the Middle East keeps the "flight to safety" theme intact, supporting the US Dollar against the Pound Sterling. Traders will take more cues from the US ADP Employment and ISM Services Purchasing Managers Index reports, which are due later on Wednesday.
Gold retains positive bias amid sustained safe-haven flows and modest USD pullback
Gold maintains its offered tone through the first half of the European session, though it lacks follow-through and remains below the $5,200 mark. Investors remain concerned about a prolonged conflict in the Middle East and its impact on the global economy amid an already uncertain environment.
Bitcoin, Ethereum and Ripple struggle for direction as consolidation persists
Bitcoin, Ethereum and Ripple prices trade with a cautious tone at the time of writing on Wednesday as upside momentum continues to fade across the broader crypto market. BTC remains within a parallel channel, ETH struggles below key resistance, while XRP remains fragile within a descending channel. These top three cryptocurrencies by market capitalization continue to struggle to establish a directional bias amid the consolidation phase.
Asian stocks fall as South Korea’s KOSPI slumps over 10%
Asian equities drop on Middle East tensions; the MSCI Asia Pacific Index falls up to 4%. South Korea’s KOSPI fell 10.71% near 5,170, with the Korean Won weakened past 1,500 per dollar.
Here is what you need to know on Wednesday, March 4:
The US Dollar enters a consolidation phase early Wednesday after outperforming its rivals for two consecutive days. The US economic calendar will feature ADP Employment Change data for February and the Institue for Supply Management will publish the February Services Purchasing Managers' Index data.