Weekly Currency Outlook Of 29-03-2021 By Swastika Investmart
FUNDAMENTALS OF CURRENCY:
* The pound rose strongly against the dollar Friday on economic data showing U.K. retail sales rebounded last month, but cable is set to end a second-straight week in the red as experts flag speed bumps ahead. The pound has recently moved in tandem with the risk assets, which may prove to be its undoing amid expectations for a bumpy second quarter. As well as an expected souring in risk appetite, forecasts for an ongoing rise in U.S. Treasury yields will boost the dollar, keeping a lid on cable.
* The dollar edged lower in early European trading Friday, but remains near multi-month highs on the back of rising optimism about the U.S. economic recovery, helped by a strong rollout of coronavirus vaccines. The Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.1% at 92.793, just below a four-month high of 92.868 reached overnight. A positive driver for the greenback has been the strong start to the U.S. vaccination program, especially compared with the European equivalent.
* The Euro US Dollar exchange rate continued to trend near its worst levels in months. Next week’s key data could cause a shift in movement if it surprises investors however. Since opening this week at the level of 1.1945, EUR/USD has been trending with a downside bias as the US Dollar capitalises on a weak Euro. Markets remain concerned about the Eurozone’s slow coronavirus vaccination rollout.
Technical indicators (Daily):
* RSI- 47.2324
* MACD- -0.0933
* MOVING AVERAGES (20,50,100)- (72.7581/72.8167/73.2681)
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://www.swastika.co.in/disclaimer
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
Tag News
EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
More News
USD/INR is trading below 20 and 50 day moving average. Buy on dips nbear 81.85 - Tradebulls ...