The foreign exchange markets began the final full week of March on a quiet note. Most of the major currencies pairs traded within existing ranges while stock markets displayed a slow and steady move to the upside. Economic data across the day was sparse, most movement was inspired by the ongoing global central banking effort to keep financial markets accommodated.
The pound revisited Friday’s low against the US dollar, tapping the $1.3825 level before bouncing higher, up to $1.3860. GBPEUR traded in a 50 pip range, broadly between €1.16 and €1.1650. It’s a big week for UK data which commences today with the latest snapshot of the labour market.
Elsewhere we’ll have a number of central bank speakers including Jay Powell and Andrew Bailey. Data points will include US new home sales and current account numbers.
8:23am, March 23rd 2021
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