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Market News Topics
March 24, 2021 06:32 GMT
Fresh YTD low at $1.1834, Recovery Efforts Remain Soggy
EUR
MNI (London)
- Tuesday's risk aversion, prompted earlier in Asia by NZ govt move to stem NZ house prices, picked up pace through the day. Strong sales were noted through the 0800GMT fix, real money flows suggested, which eventually took EUR/USD through $1.1872 then its 200-dma ($1.1860, today $1.1863) to $1.1842, closing the day at $1.1849.
- NZD came under fresh pressure in early Asia, despite posting a trade surplus for Feb, the rate reacting to NZ bond yield slippage, which pressed EUR/USD down to retest the Mar09 YTD low at $1.1836.
- Traders noted move ran into decent support at $1.1836/35 which cushioned then allowed rate to edge to $1.1851 before drifting off to the $1.1840 area into Europe.
- Asia/Europe transition has seen the $1.1836 retested, touched $1.1834 before edging back to $1.1840. Clear lower to expose $1.1800, the base of the 1.0% 10-dma envelope currently coming through at $1.1799, ahead of $1.1780/70.
- Resistance $1.1853/63, $1.1872, stronger between $1.1890/00 though a break above $1.1920/25 to turn focus on to $1.1947(see MNI Techs below)
- Flash PMI sets for France 0815GMT, Germany 0830GMT and the EU 0900GMT provide the morning's data focus. EZ Consumer Confidence 1500GMT. Lagarde speaks at 1540GMT on climate change.
- US Durable Goods 1230GMT, US PMI set 1345GMT. Fed Barkin 1250GMT, Powell and Yellen appear again in front of Senate Bkg Panel 1400GMT, Williams 1735GMT, Daly 1900GMT, Evans 2300GMT.
- Risk aversion remains the key driver, IMM and leveraged accounts seen holding long EUR positions. COVID lock downs in Europe and continued vaccine spat with the UK weigh.
- MNI Techs: Bearish theme remains intact and attention turns to key short-term support at 1.1836, Mar 9 low. Note, the 200-day MA lies just above at 1.1860 and has been breached. A break of 1.1836 would strengthen a bearish argument and confirm a resumption of this year's downtrend, opening 1.1800. Initial resistance is at 1.1947, the Mar 22 high.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
To read the full story
Close
Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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