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  • The stimulus checks filtered into the last month's US personal income measure with a massive 11% increase. Spending wasn't as dramatic but still impressive up 2% https://t.co/gX7cLwiVqX
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Gold: -1.82% Oil - US Crude: -1.94% Silver: -3.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/8iK8kRkwIQ
  • Japan Minister of Finance Aso: - Yellen said she had no intention of tightening policy - Global economy faces uncertainty, warrants caution $JPY $USD
  • 🇺🇸 Michigan Consumer Sentiment Final (FEB) Actual: 76.8 Expected: 76.5 Previous: 79 https://www.dailyfx.com/economic-calendar#2021-02-26
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.33%, while traders in GBP/JPY are at opposite extremes with 66.91%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/mBZdvvxuDB
  • $Gold quick check back to resistance at prior support and then slide, now testing through that 1750 level https://t.co/ngyTPVtiec https://t.co/wYcyYPzbUP
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: -1.13% Oil - US Crude: -1.24% Silver: -2.68% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/n8xwc7FERq
  • Heads Up:🇺🇸 Michigan Consumer Sentiment Final (FEB) due at 15:00 GMT (15min) Expected: 76.5 Previous: 79 https://www.dailyfx.com/economic-calendar#2021-02-26
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: 0.52% Wall Street: 0.10% Germany 30: -0.32% France 40: -0.93% FTSE 100: -1.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/VcAQ4fI8PC
  • $NZDUSD fell to an intraday low around 0.7250, hitting its lowest level of the week. The pair turned downward yesterday as the US Dollar resurged, falling from a multi-year high around 0.7450. $NZD $USD https://t.co/IN57sn0Pzx
S&P 500 Challenged by US Rates, GBP Bulls Charge, Eyes on AUD/NZD - US Market Open

S&P 500 Challenged by US Rates, GBP Bulls Charge, Eyes on AUD/NZD - US Market Open

Justin McQueen, Analyst

USD, EUR/USD, USD/JPY Analysis & News

  • S&P 500 Edging Lower as US Rates Weigh
  • GBP Bulls Looking for 1.40
  • AUD/NZD in Focus for RBNZ

QUICK TAKE: S&P 500 Challenged by US Rates, GBP Bulls Charge, Eyes on AUD/NZD

Equities: Risk sentiment continues to feel the weight of the recent spike higher in global bond yields with notable pressure seen in the US tech space as the Nasdaq underperforms. Elsewhere, initial jobless claims were rather uninspiring with the headline figure up 861k vs expectations for 765k. Of note, this is figure will be for the NFP reporting week.

Euro Stoxx 50 Sector Breakdown

Outperformers: Basic Materials (0.3%), Technology (-0.1%), Consumer Discretionary (-0.1%)Laggards: Financials (-1.5%),Energy (-1.4%), Utilities (-1.0%)

US Futures: S&P 500 (-0.8%), DJIA (-0.6%), Nasdaq 100 (-1.2%)

Intra-day FX Performance

S&P 500 Challenged by US Rates, GBP Bulls Charge, Eyes on AUD/NZD - US Market Open

FX: The Pound has been the outperformer throughout the session with broad-based gains. While there has been little in the way of new information, the current narrative of a successful vaccine program alongside reduced uncertainty with Brexit in the rearview mirror continues to underpin. Comments by BoE’s Saunders were slightly less dovish with the rate-setter stating that there is limited scope at present for negative rates, which is largely a reiteration of the BoE’s current stance. Today’s move, however, looks to be more of a technical nature with stops tripped at 1.3950 and 0.8650 in EURGBP. The topside target for GBP bulls remains 1.40.

The USD has sagged a little, despite US yields continuing to track higher. While a lot of attention has been placed on bond market moves as of late, it is the pace of the move that is a concern and not so much the general trajectory. That said, while the sharp move higher has lent support to the greenback, should the move begin to slow, USD shorts against high beta currencies in particular may be reloaded.

Elsewhere, my attention will be on AUD/NZD with the upcoming RBNZ meeting in focus. For a full analysis of the RBNZ decision, click here

GBP/USD BEARISH
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 2% -27% -15%
Weekly 30% -39% -18%
What does it mean for price action?
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Commodities: Gold prices have continued hover around recent lows. Price action in the precious metal has been weak, with bounces remaining shallow. As real yields push higher, risks remain tilted to further losses for Gold.

Looking ahead: EIA weekly oil inventories will garner the attention of oil traders. Reminder, yesterday’s API release saw a larger than expected drawdown. Meanwhile, flash PMI’s will kick off with Australia later today.

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

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