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Currency Feed – New York Close Report – Monday 20th March

EUR/USD – Current Price $1.0732 (-$0.0004)

EUR/USD is little changed ahead of the Wall Street close having reversed an earlier gain. The pair reached a high of $1.0777 earlier this morning but saw gains dissipate as Dollar weakness dissipated through the European/US crossover, reaching a daily low of .0725. Hawkish commentary from Fed Governor Evans may have played its part as he suggested the Fed could hike another three times this year if inflation really began to pick up. Investors will also be watching tonight’s French Presidential TV debate; Macron took the lead over Le Pen for the first time in the Elabe poll earlier today. From a technical view, the earlier high at $1.0777 may offer some resistance ahead of February 6th high at 1.0802. On the downside, Thursday’s low at $1.0704 may offer support ahead of the March 14th low at $1.0597.

GBP/USD – Current Price $1.2345 (-$0.0047)

GBP/USD is lower ahead of the Wall Street close having surrendered the $1.24 handle earlier today after the UK government confirmed they would trigger Article 50 on March 29th. The pair reached a daily low of $1.2336, weighed also by a resurgence in the US Dollar this afternoon after a flurry of Fed chatter. Beyond today’s low, we look for support at Friday’s low of $1.2321 and Thursday’s low of $1.2239 while on the upside we target the earlier high at $1.2435 and the February 28th high at $1.2470.

USD/JPY – Current Price ¥112.56 (-¥0.14)

USD/JPY is nursing minor losses this afternoon, weighed by a modest uptick in US government bond yields. We saw a session low of ¥112.47 versus the high at ¥112.89 in what has been a relatively narrow trading range for the pair. From a technical view, we look for support at the February 28th low of 111.67 and February 7th low at ¥111.57. On the upside, Thursday’s low at ¥112.94 may offer resistance ahead of Friday’s high at ¥113.49.

GBP/EUR – Current Price €1.1507 (-€0.0032)

GBP/EUR is lower ahead of the Wall Street close following a drop in Sterling after the UK government confirmed they would trigger Article 50 on March 29th. The pair fell to a session low of €1.1485 versus the earlier high at €1.1547 with investors now looking ahead to the French Presidential TV debate; Macron took the lead over Le Pen for the first time in the Elabe poll earlier today. Beyond today’s low, we look for support at Friday’s low of €1.1440 and Thursday’s low at €1.1414. On the upside, the March 6th high at €1.1598 and March 3rd high at €1.1680 are in focus.

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