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Published: 2024-02-27T11:06:58.000Z

Psychology for major markets Feb 27

byAdrian Schmidt

Senior FX Strategist
-

FX generally rangebound with inflaitonm data at the end of the week awaited

EUR/USD – EUR/USD retaining a mildly positive tone on the back of strong equity markets, but gains are gradual and 1.09 still represents significant resistance.

USD/JPY – USD/JPY holding above 150 with falling equity risk premia and low vol continuing to encourage JPY bears, but smaller decline than expected in January inflation helping a modest short term JPY recovery.

EUR/GBP – GBP sentiment buoyed slightly by upbeat comments from BoE governor Bailey and further PMI gains, but EUR/GBP still stuck close to 0.8550.

AUD/USD – AUD resilient despite weak employment data helped by strong global equity market performance. But downside risks remain as there is scope for the RBA to turn more dovish.

USD/CHF – CHF risks on the downside after weak CPI with risk sentiment positive and the SNB no longer selling FX reserves.

Equities – US markets remaining close to all time highs helped by strong corporate earnings, but may be vulnerable to any further decline in easing expectations. Focus on inflation data this week.

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