Forex Market Review: Dollar Firms, German Ifo Rises
United States of America. The US dollar is strengthening against the pound and the yen, while showing mixed performance against the euro.
Markets
4
March
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By Sagar Dua - 341
The US dollar is showing a moderate decline in the USD/JPY pair, retreating from the local highs recorded on January 23 and retested yesterday, while the pair tests the 157.20 level for a potential upward breakout as investors await new catalysts from the United States. In particular, markets will focus on the ADP Nonfarm Employment Change data scheduled for release at 15:15 (GMT+2). The indicator is based on a survey of approximately 400,000 businesses, and forecasts suggest job growth of around 50,000, which would be more than double the January figure and could provide moderate support for the US currency.
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By Sagar Dua
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The euro continues to develop a bearish impulse, testing the 1.1593 level for a downside breakout during the Asian session as investors wait for new catalysts to drive price movement. In particular, market participants will focus on February services PMI data today: the index in Spain is expected to ease from 53.5 to 52.9 points, in France it is projected to remain around 49.6 points, in Germany near 53.4 points, and in the eurozone overall around 51.8 points.
3
March
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By Sagar Dua
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United States. The US dollar is strengthening against its major peers — the euro, yen, and pound.
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By Sagar Dua
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This week, the EUR/USD pair is showing negative momentum, losing 1.33% in value and trading below the 1.1675 support level amid a broader shift away from risk assets.
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By Sagar Dua
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The Australian dollar is posting modest gains against the US dollar in the AUD/USD pair, once again attempting to consolidate above the 0.7105 level. The instrument opened the previous session with a noticeable gap but managed to fully recover its losses by the close, while the broader external fundamental backdrop remained largely unchanged.
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By Sagar Dua
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During the morning trading session, the US Dow Jones index is posting moderate losses after a strong rally on Monday and is testing the 48520.0 level for a downside breakout, while analysts await fresh catalysts to shape the next move.
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By Sagar Dua
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Prices for benchmark Brent Crude Oil remain in an upward trend just below the $80.0 per barrel mark, as the market faces a new major challenge after the US-Israeli coalition launched massive strikes on Iranian territory on February 28, reportedly killing Ayatollah Ali Khamenei and several senior military officials.
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By Sagar Dua
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United Kingdom. The pound is developing a hesitant bearish impulse, testing the 1.3385 level during the Asian session as investors await fresh catalysts while closely monitoring the escalation of the military conflict in the Middle East.
2
March
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By Sagar Dua
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United States. The US dollar is strengthening against the euro and the yen, while showing mixed dynamics against the British pound.
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By Sagar Dua
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The US dollar is trading near the 0.7700 level during the Asian session, while demand for the Swiss franc as a safe-haven asset is actively recovering amid the military confrontation that began over the weekend between Iran and its allies on the one hand and the United States and its strategic partners in the region on the other, after diplomatic efforts to revive a “nuclear deal” failed. It should be recalled that Tehran officially rejected proposals from the Republican administration at the White House to completely halt uranium enrichment and transfer the accumulated material to US authorities.
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By Sagar Dua
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Amid the positive momentum of the US dollar, the USD/JPY pair is correcting within an upward trend, trading around the 156.44 level.
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By Sagar Dua
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After the market opened this morning, the XAU/USD pair is holding slightly above this year’s key support level at 5,100.00 and is developing upward momentum, with the next target being a retest of the annual high at 5,594.00.
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