Forex Today: Markets take a breather before action continues – by eren_fxstreet Currencies Majors Macroeconomics Commodities CryptoCurrencies
Stock and bond markets in the US will be closed on Monday in observance of the Presidents' Day holiday and the trading action is expected to remain subdued, especially in the second half of the day. The Bundesbank will release its monthly report and the European Commission will publish the preliminary Consumer Confidence Index for February.
Developments over the weekend seem to have caused the geopolitical tensions to escalate but the impact on risk sentiment remains muted in the European morning. Reports claim that the US and Taiwan may sign a bilateral trade agreement earlier than expected this year following the 'not very encouraging' meeting between China’s Director of the Office of the Central Foreign Affairs Commission Wang Yi and US Secretary of State Antony Blinken in Germany.
During the Asian trading hours, New Zealand Deputy Prime Minister and Finance Minister Grant Robertson reiterated that the Reserve Bank of New Zealand has a responsibility to address inflation. The RBNZ will announce its policy decisions on Wednesday and is expected to raise its policy rate by 50 basis points to 4.75%. Meanwhile,trades in a tight range at around 0.6250 early Monday after having registered losses for the third straight week last week.
staged a rebound late Friday and ended up closing the previous week virtually unchanged. The pair fluctuates in a tight range early Monday and trades within a touching distance of 1.0700.managed to end the week slightly above the key 1.2000 level. The pair holds steady at around 1.2050 at the beginning of the week. In the absence of high-impact data releases, markets will keep a close eye on Brexit-related headlines.price lost more than 1% last week pressured by rising US Treasury bond yields.
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