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market review 03 March 21

03 March 21

Service Sector PMIs Put the EUR and USD in Focus, with ADP Nonfarms to also Influence

It’s a busy day ahead on the economic calendar. Economic data from the U.S will draw plenty of interest, with service sector PMIs from the Eurozone also in focus.

The Day Ahead:

For the EUR
It’s a busy day ahead on the economic calendar. Service sector PMI numbers for Italy and Spain are in focus later this morning.
Finalized service and composite PMIs for France, Germany, and the Eurozone are also due out.
Barring any marked revisions from prelims, expect Italy and the Eurozone’s PMIs to be the key drivers.
Other stats include 4th quarter GDP numbers from Italy. Expect any revisions to influence.
At the time of writing, the EUR was down by 0.04% to $1.2086.

For the Pound
It’s a relatively busy day ahead on the economic calendar. Finalized service and composite PMI numbers for February are due out.
Expect Pound sensitivity to the services PMI in particular.
Away from the economic calendar, however, the UK Annual Budget release will be the main event of the day.
The markets will be looking unwavering support from the government. Anything less and the Pound could come under pressure.
At the time of writing, the Pound was up by 0.01% to $1.3957.

For the USD
It’s busy day ahead on the economic calendar. The market’s preferred ISM non-manufacturing PMI figures are due out along with ADP nonfarm employment change numbers.
Finalized Market service and composite PMIs are also due out, though we would expect the stats to have a muted impact on the Dollar.
From elsewhere, chatter from the Senate on Biden’s COVID-19 relief package will also need tracking.

EUR/USD: Daily recommendations on major

EUR/USD – 1.2090
Despite yesterday’s anticipated resumption of decline from last Thursday’s 6-week peak of 1.2242 to 1.1992 (Europe), subsequent rally due to broad-based usd’s weakness on return of risk appetite suggests temporary low is made and 1-2 days of sideways consolidation is seen.

As long as 1.2139/41 holds, downside bias remains for another fall, below 1.2.16/21 would bring re-test of 1.1992 while break of said res may risk stronger gain to 1.2175/80.

Today is PMI day in the euro area countries, we have ECB board member Weidmann n other ECB offcials scheduled to speak in European and New York sessions, please refer to our Economic Indicator page for details.

GBP/USD, “Great Britain Pound vs US Dollar”

GBP/USD is still consolidating near 1.3929. Possibly, the pair may expand the range up to 1.4000 and then complete the correction by forming a new descending structure to reach 1.3820. Later, the market may start another growth with the first target at 1.4000.

USD/JPY, “US Dollar vs Japanese Yen”

USD/JPY is still consolidating around 106.60. If later the price breaks this range to the downside, the market may start another decline with the first target at 105.80; if to the upside – resume trading upwards to reach 107.00 and then form a new descending structure towards 105.00.

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