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Currency Feed – New York Close Report – Wednesday 22nd March

EUR/USD – Current Price $1.0799 (-$0.0009)

EUR/USD is little changed this afternoon, having spent most of the day struggling to maintain the $1.08 handle; the earlier high at $1.0825 was just short of the 2017 high set on February 2nd at $1.0828. Dollar weakness continues to underpin the pair as investors grow increasingly concerned about the House vote on the healthcare bill and its potential implications from Trump’s plans for tax reform and fiscal spending. Soft US housing data will only have put further downward pressure on the Greenback as US FHFA house prices came in flat for February (f/c. +0.4%) and existing home sales missed at 5.48 Mln (f/c. 5.57 Mln). From a technical view, the February 2nd high at $1.0828 forms our first resistance level ahead of the December 8th high at $1.0872. On the downside, the earlier low at $1.0774 may offer some support ahead of yesterday’s low at $1.0717.

GBP/USD – Current Price $1.2482 (+$0.0005)

GBP/USD is little changed ahead of the Wall Street close. The high seen earlier this morning at $1.2505 was the best level for the pair since February 24th; the pair continues to benefit from Dollar weakness stemming from uncertainty surrounding the House vote on the healthcare bill and its potential implications from Trump’s plans for tax reform and fiscal spending. We then saw some choppy price action during the US/European crossover as Sterling weakened across the board on the terror incident at Westminster but rebounded in the hours that followed. The earlier high at $1.2505 may offer some resistance ahead of the February 24th high at $1.2570. On the downside, the earlier low at $1.2421 may offer support ahead of yesterday’s/Monday’s lows at $1.2338/33.

USD/JPY – Current Price ¥110.91 (-¥0.81)

USD/JPY continued its recent run lower today as the pair fell to a daily low of ¥110.71, the lowest level since November 22nd. Dollar weakness continues to hamper the pair as investors grow increasingly concerned about the House vote on the healthcare bill and its potential implications from Trump’s plans for tax reform and fiscal spending. Soft US housing data will only have put further downward pressure on the Greenback as US FHFA house prices came in flat for February (f/c. +0.4%) and existing home sales missed at 5.48 Mln (f/c. 5.57 Mln). The Japanese Yen meanwhile has benefitted from the broad risk aversion that received another boost this afternoon after the terror-incident in the UK. From a technical view, the earlier low at ¥110.71 may offer some support ahead of the November 22nd low at ¥110.23. On the upside, the overnight high at ¥111.79 and yesterday’s/Monday’s high at ¥112.86/89 are in focus.

GBP/EUR – Current Price €1.1563 (+€0.0022)

GBP/EUR is higher ahead of the Wall Street close, the earlier high at €1.1568 was the best level since March 7th. The pair did see a sharp decline earlier this afternoon after news of the terror incident at the UK parliament building weighed on Sterling – the pair fell to a daily low of €1.1492. Losses were short lived however as the pound regained its poise and the pair is flirting with the earlier high ahead of the close. From a technical view, the March 7th high at €1.1572 may offer some resistance before the March 6th high at €1.1598. On the downside, the earlier low at €1.1492 and yesterday’s low at €1.1456 are in focus.

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