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Currency Feed – New York Close Report – Monday 13th March

EUR/USD – Current Price $1.0659 (-$0.0015)

EUR/USD is nursing minor declines ahead of the Wall Street close having rallied to a five-week high of $1.0714 earlier today. The pair surrendered gains as overnight Dollar weakness dissipated in the early exchanges and the pair continued to struggled through the European/US crossover and slipped to a daily low of $1.0653 in recent trade. Euro weakness was also observed during the European morning session after some dovish remarks from the ECB’s Smets. Fresh impulses for the pair have been somewhat limited since Friday’s payrolls report with investors now looking ahead to Wednesday’s FOMC meeting. From a technical view, the earlier high which was also the February 8th high forms out first resistance level, above which we look for the February 5th high at $1.0802. On the downside, Friday’s intraday high at $1.0619 may offer some support ahead of Friday’s low at $1.0573.

GBP/USD – Current Price $1.2231 (+$0.0064)

GBP/USD is posting a respectable gain ahead of the Wall Street close after moving firmly above $1.22 today. Sterling has made gains across the board as investors await the triggering of Article 50 by the UK government although a government spokesman has said not to expect a move until the end of the month, next week at the earliest. Nicole Sturgeon, leader of the Scottish SNP party,  also confirmed this afternoon that she will seek to hold a second Scottish independence referendum. From a technical view, we look for resistance just above the earlier high of $1.2251 at the March 7th high of $1.2252, followed by the March 2nd high at $1.2307. On the downside, Thursday’s low at $1.2135 may offer support ahead of the January 17th low at $1.2018.

USD/JPY – Current Price ¥114.79 (¥0.00)

USD/JPY is unchanged for the day after a modest 47 pip range for the day. The pair slipped to a daily low of ¥114.48 ahead of the US open but regained ground during the latter stages of the session as US yields pressed higher with the 10-year back above 2.60%. Beyond today’s low, we look for support at the March 7th high of ¥114.15 and March 8th/6th lows at ¥113.61/56. On the upside, the overnight high at ¥114.95 and Friday’s high at ¥115.51 are in focus.

GBP/EUR – Current Price €1.1476 (+€0.0079)

GBP/EUR has rallied today after touching a fresh eight-week low overnight at €1.1380, to a daily high of €1.1482. Sterling has made gains across the board as investors await the triggering of Article 50 by the UK government although a government spokesman has said not to expect a move until the end of the month, next week at the earliest. Nicole Sturgeon, leader of the Scottish SNP party,  also confirmed this afternoon that she will seek to hold a second Scottish independence referendum. Euro weakness was also observed during the European morning session after some dovish remarks from the ECB’s Smets.

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