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  • #Gold attempted to rebound from multi-month lows today, climbing as high as $1,760 before hitting resistance and turning back downwards. The precious metal is now trading back around $1,735. $XAU $GLD https://t.co/QgXRBljgWe
  • Equities have managed to start the new month on the front foot as bond yields are taking a breather from their rapid surge over the last few weeks. DAX 30 bulls aim towards the 14,000 mark. Get your #DAX market update from @HathornSabin here:https://t.co/E7CYIM0KQC https://t.co/bnFyQfXLP6
  • ECB President Lagarde: - Pandemic is still heavily weighing on European economies - ECB will do its job to ensure firms and families can access finances needed to weather the storm - They can do so with confidence that financing conditions will not tighten prematurely #ECB $EUR
  • Heads Up:💶 ECB President Lagarde Speech due at 16:10 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-01
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  • 🇲🇽 Markit Manufacturing PMI (FEB) Actual: 44.2 Previous: 43 https://www.dailyfx.com/economic-calendar#2021-03-01
  • In line with comments from Stournaras last week - ECB should accelerate PEPP purchases - No fundamental justification for a tightening of bond yields at long end - GC Should instruct board at March 11 meeting to fight unwarranted tightening of financing conditions
  • The Dollar is really trying again to spark a meaningful reversal yet again, but the market seems to have hardened its skepticism. I'll be watching this $EURUSD support (100SMA and trendline) closely these next 48 hours https://t.co/D1A5gthGdP
  • Heads Up:🇲🇽 Markit Manufacturing PMI (FEB) due at 15:30 GMT (15min) Previous: 43 https://www.dailyfx.com/economic-calendar#2021-03-01
Trading Video: The Next Big Euro Bear Leg

Trading Video: The Next Big Euro Bear Leg

John Kicklighter, Chief Strategist

Talking Points:

• An uptick in US inflation does little to push Fed rate hikes, weak PMIs to move ECB to QE

• The medium-term view for EURUSD remains bearish, but other Euro pairs may offer more timely opportunity

• Support for the SNB Gold Referendum is shifting and risk trends are still a looming risk

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Despite a clear technical setup and capable event risk EURUSD found itself unable to catalyze its next major drive. Had the Eurozone PMIs and US consumer inflation report printed against the prevailing trends of the ECB's march towards QE and the Fed's path towards normalization, the impact to the pair may have been more dramatic. Instead, we are seeing how far the market is pricing primary fundamental trends behind the world's two most liquid reserve currencies. The path the Euro is on looks to eventually escalate this pair and other crosses' tumble, but the big move will require much greater motivation. Meanwhile, more proximate opportunities may be presenting themselves. A rebalancing for EURGBP can play to the dominant trends and regain lost ground rather than forge a new leg. Elsewhere, EURCHF's 1.2000 floor looks to be firming again as the Gold Referendum bias shifts. We discuss these and more pair in today's Trading Video.

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