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EU Bullet Report | USD selloff accelerates before NFP
- The pressure on the USD continues after FED’s Yellen Speech 2 days ago. With her talk suggesting rates to remain low for an extended period of time, even a strong NFP tomorrow might not be enough to bring back the confidence to USD buyers. Indicative is the fact that USD was the worst performing currency yesterday and is set to be the worst one for all of March.
- Indices: Financial markets have certainly appreciated the dovish stance of Yellen and as a result Stock markets have enjoyed 2 days of solid rallies. In Germany, DAX closed 1.6% higher while Wall Street enjoyed gains of 0.5%.
- Currencies: With a weak USD, EUR and GBP as well as commodity currencies have appreciated in value. EURUSD reached highs of 1.1365, levels not seen since 11 February. Strong Resistance lies at 1.1375, February 11th high. GBPUSD reached 1.4456, however the rally stalled on renewed Brexit fears and Cable trades lower today.
- GOLD and OIL: Gold is under pressure since investments funds and traders are moving money into equities and away from “safer” investments such as GOLD. As stock markets rose in the last 2 days, GOLD has moved inversely to them, dropping from the $1244 highs recorded after Yellen’s Speech. OIL as well has suffered losses from $39.83 to $37.77 as reports indicated a rise in US OIL inventories, which is never good news for OIL bulls.
- Data coming up this session include BOE governor Carney holding a briefing today at 0700 GMT and US Jobless Claims this afternoon.
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