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EUR/GBP Hits New Cycle Lows

FOREX
  • As UK lockdowns begin to ease, GBP is outperforming, with EUR/GBP hitting fresh 2021 lows Monday. The cross now eyes support at 0.8521, the 38.2% retracement of the 2015 - 2020 rally. This level was tested Monday and bears will be eyeing any close below.
  • EUR was among the session's poorest performers, with EUR/USD remaining in the March downtrend and touching 1.1761 in the process. This retains the negative view for the single currency despite better performance in the EuroStoxx50, which hit the highest levels since 2008.
  • The greenback was mixed, with a slightly steeper US Treasury curve helping support the USD index.
  • Focus Tuesday turns to Japanese jobs & retail sales numbers, regional and national German CPIs and US consumer confidence data for March. Fed's Quarles & Williams are both speaking.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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