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Editors’ Picks

AUD/USD recaptures 0.7700 amid Risk-on mood, upbeat Aussie data

AUD/USD remains strongly bid above 0.7700 after Monday’s downbeat performance. The aussie benefits from upbeat Australian housing data and risk-on mood. Incoming Treasury Secretary Janet Yellen’s indirect support to Biden’s stimulus favors the risk-takers.

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EUR/USD:Falling wedge on 4H tests bearish impulse below 1.2100

EUR/USD portrays choppy trading moves between 1.2075 and 1.2080 during Tuesday’s Asian session. Bullish chart pattern, recovering MACD keep buyers hopeful. Early February lows, 61.8% Fibonacci retracement add to the downside filters.

EUR/USD News

Gold: All eyes on the greenback and US yields

Gold prices are attempting to recover as the DXY stalls in its bullish correction. The dollar could still be a catalyst for a deeper positioning squeeze in the yellow metal. The US dollar strengthened for a third consecutive day on Monday.

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BTC/USD: Its a make or break at 36170

BTC/USD is trending up again in the 30 minutes time frame; the price structure has changed since the weekend selloff with higher highs and higher lows. Prices fell below the crucial point at 36170 in yesterday's session but bounced back.

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US Dollar Index: Drops back towards fortnight-old support below 91.00

DXY extends pullback from highest in one month. The Index remains on the back foot around 90.68, down 0.10% intraday, during early Tuesday. Monday’s Doji at multi-day top, overbought RSI favor further consolidation of gains.

US Dollar Index News

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EUR/GBP

The EUR/GBP pair tells the trader how many British Pounds (the quote currency) are needed to purchase one Euro (the base currency). This is one of the most traded currency pairs. Since the European and British economies are massively intertwined (large amounts of capital are exchanged on a daily basis between the United Kingdom and all European countries), the pair tends to be relatively stable but events and news related to the exit of Great Britain of the European Union will probably affect the pair and create choppier movements than usual. A public vote (known as a referendum) was held in June 2016, when 17.4 million people opted for Brexit. This gave the Leave side 52%, compared with 48% for Remain. The UK officially left the EU on 31st of January 2020.


HISTORIC HIGHS AND LOWS FOR EUR/GBP

  • All-time records: Max: 0.98049 on 29/12/2008 - Min: 0.56870 on 01/05/2000
  • Last 5 years:: Max: 0.9324 on 12/08/2019 - Min: 0.69307 on 13/07/2015

* Data as of February 2020


ASSETS THAT INFLUENCE EUR/GBP THE MOST

  • Currencies: USD and YEN.
  • Commodities: Oil and Gold.
  • Bonds: Gilt (debt securities issued by the Bank of England) and Bund (the German word for "bond", a debt security issued by Germany's federal government).
  • Indices: FTSE 100 (share index of the 100 companies listed on the London Stock Exchange with the highest market capitalization), ESTX50 (ESTX50 (Euro Stoxx 50, a stock index of Eurozone stocks designed by STOXX, an index provider owned by Deutsche Börse Group) and DAX (Deutscher Aktienindex, German stock index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange).

ORGANIZATIONS, PEOPLE AND ECONOMIC DATA THAT INFLUENCE EUR/GBP

The organizations and people that affect the most the moves of the EUR/GBP pair are:

  • Bank of England (BoE), known to be one of the most effective central banks in the world. It acts as the government's bank and the lender of last resort. It issues currency and oversees monetary policy (including interest rates). Andrew Bailey is the new Governor of the Bank of England since 16 March 2020. Her Majesty the Queen has approved the appointment. He is widely and deeply respected for his leadership managing the financial crisis, developing the new regulatory frameworks, and supporting financial innovation to better serve UK households and businesses.
  • European Central Bank (ECB) whose main objective is to maintain price stability for the Euro. Headed by Christine Lagarde, the ECB sets and implements the monetary policy for the Eurozone (including interest rates), conducts foreign exchange operations and takes care of the foreign reserves of the European System of Central Banks.
  • London’s City Financial District: This is still the largest and most developed financial market in the world and as a result banking and finance have become strong contributors to the national economic growth.
  • The Prime Minister of Great Britain Boris Johnson, serving as Prime Minister of the United Kingdom and Leader of the Conservative Party since 2019.
  • Angela Merkel, at the head of Germany, the strongest economy of the European Union, is also an important figure for any Euro-related currency cross.

In terms of economic data, as for most currencies, the EUR/GBP traders have to keep an eye on:

  • GDP (Gross Domestic Product), the total market value of all final goods and services produced in a country. It is a gross measure of market activity because it indicates the pace at which a country's economy is growing or decreasing.
  • Inflation measured by key indicators as the CPI (Consumer Price Index) and the PPI (Production Price Index), which reflect changes in purchasing trends.