The US dollar began the fresh week on the front foot as it extended gains against both the euro and US dollar. The buck remains in the driving seat following last week’s strong US jobs report and the passing of stimulus which should spur economic activity and therefore growth.
The US dollar’s gains were much more pronounced against the euro than the pound which helped the GBPEUR pair rally above €1.16. The next key support for EURUSD comes in at the $1.18 level following which $1.16 will be the key price. For GBPEUR the next resistance level comes in at €1.1710 which was the overnight-spike high 3 weeks ago following a stop run on EURGBP at 0.86p.
Today’s economic calendar is light on data but should still see volatility as participants grapple with many of the key themes currently in play. Data points of note include German trade balance figures and eurozone GDP data.
8:18am, March 9th 2021
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