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  • $AUDCAD has continued to weak today, now trading around the 0.9800 level. The pair is down almost 200 pips from the multi-year highs hit just shy of the 1.0000 level yesterday. $AUD $CAD https://t.co/hffaXojF5j
  • $Gold trying to build a base off of that 1725 level - one minute chart so super small sample size. but that bearish run was aggressive $GC $GLD https://t.co/USjAU0lcig https://t.co/uubVG4Jpe2
  • Now up 40 handles from the $SPX's stalled break down. Looks like we are in for yet another interesting, intraday volatility day
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.19% 🇯🇵JPY: -0.33% 🇪🇺EUR: -0.41% 🇨🇦CAD: -0.45% 🇳🇿NZD: -1.11% 🇦🇺AUD: -1.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/e6FkqKIOLF
  • - There’s No Fundamental Justification For A Tightening Of Nominal Bond Yields At The Long End - Governing Council Should Instruct Board At March 11 Meeting To Fight Unwarranted Tightening Of Financing Conditions
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: US 500: -0.17% Germany 30: -0.70% Wall Street: -0.85% France 40: -1.46% FTSE 100: -2.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/rgg0WIgTxK
  • ECB's Stournaras says ECB should accelerate PEPP purchases
  • Another brutal day for gold as it breaks beneath prior February lows Read more - https://www.dailyfx.com/forex/market_alert/2021/02/25/Gold-Price-Plummets-as-Treasury-Yields-Soar-Where-to-Next-for-Gold.html?ref-author=phanks&QPID=917701&CHID=9 $GLD $XAU https://t.co/5qpaELXVLz
  • $Gold sell-off getting nasty just started to test 38.2 of the 18-20 major move ~1725 $GC $GLD https://t.co/1cb3hjRAR2 https://t.co/nXy6gomZU0
  • Gold printed a fresh eight-month low earlier in today’s session and the precious metal looks set to fall further if US Treasury yields resume their multi-month rally. Get your $XAUUSD market update from @nickcawley1 here:https://t.co/I4RpWM0mEY https://t.co/OrtbLLncuK
EUR/USD Recovers, GBP/USD Rallies, USD/CAD Eyes BoC Risk - US Market Open

EUR/USD Recovers, GBP/USD Rallies, USD/CAD Eyes BoC Risk - US Market Open

Justin McQueen, Analyst

MARKET DEVELOPMENT –EUR/USD Recovers, GBP/USD Rallies, USD/CAD Eyes BoC Risk

DailyFX 2019 FX Trading Forecasts

Equities: Global equities are notably firmer following the announcement by Hong Kong’s Carrie Lam that the controversial extradition bill that sparked protests for 3-months will be withdrawn. Consequently, this has spurred risk-on sentiment with European and US equity futures trading higher throughout today’s session. That said, following yesterday’s surprise contraction in the US ISM report, eyes will be on key tier 1 US data during the weak, particularly as the weak ISM employment subcomponent raises concerns over this weeks ADP and NFP reports.

GBP: The first day back to parliament for PM Johnson kicked off with defeat in the House of Commons after a cross-party motion to delay the UK’s departure from the EU until January 31st, 2020 had been passed. In response, PM Johnson called for a snap-election to take place on October 15th, however, with opposition parties viewing this as a way to push forward with a no-deal Brexit, the PM is expected to struggle to achieve the 2/3 of MPs needed to support him until the delay bill is passed. As such, while this has seen a no-deal Brexit threat edge lower, thus sparking a short squeeze in GBP/USD, the road ahead remains an uncertain one for the Pound.

EUR: Better than expected Eurozone services PMI data has helped the Euro recover, which in turn has reclaimed the 1.1000 handle. Alongside this, the Euro had been further boosted by the ECB President nominee, Christine Lagarde, who stated that the ECB must be mindful with regard to negative effects of unconvential polices, suggesting that the next ECB President may not be major advocate of significant policy stimulus.

CAD: The Canadian Dollar has traded in subdued fashion despite the 2% surge in Brent crude futures. Market participants await the BoC monetary policy, where interest rates are likely to be left unchanged. However, focus will be on whether the central bank sets the tone for a potential move at the October monetary policy report where money markets are pricing in a 66% chance of a 25bps cut. (full analysis)

EUR/USD Recovers, GBP/USD Rallies, USD/CAD Eyes BoC Risk - US Market Open

Source: DailyFX

WHAT’S DRIVING MARKETS TODAY

  1. Sterling (GBP) Price Outlook Rattled by Brexit Confusion, PMI Weakness” by Nick Cawley, Market Analyst
  2. DAX 30 & CAC 40 Charts: Near-term Strength May Soon Fade” by Paul Robinson, Currency Strategist
  3. Gold Price Outlook Bullish, Silver Prices Erupt, Further Room to Outperform Gold” by Justin McQueen, Market Analyst
  4. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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