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Summary
Euro/dollar has bounced off the lows once again and we are already seeing a pattern of higher lows. If we lean only on technical analysis, the pair has a lot of room to the upside. However, the level of uncertainty is extremely high as the French elections are becoming closer. In our special focus, we also touched on other factors: the ECB's monetary policy, Trump's talk, and the Fed.
Watch full analysis: Live America + WallStreet Open: Weaker dollar on Trump comments, EUR/USD focus
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Editors’ Picks
EUR/USD looks sidelined below 1.1600
EUR/USD remains on the back foot in the latter part of the NA session on Thursday, now attempting a consolidative theme in the sub-1.1600 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is favouring the continuation of the leg lower in spot.
GBP/USD loses the grip, focus is on 1.3300
GBP/USD remains on the defensive on Thursday, hovering around the 1.3320 region. The British Pound is coming under pressure amid growing concerns that rising energy prices could expose the UK economy to stagflation risks, while renewed safe-haven demand for the Greenback continues to weigh on the pair.
Gold falls as demand for the US Dollar resurges
Gold turns lower on Thursday, slipping back toward the $5,100 area. Persistent strength in the US Dollar (USD) is preventing the precious metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.
Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war
The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.
Two PMIs, two Chinas Premium
China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.
Here is what you need to know on Thursday, March 5:
Financial markets remain risk-averse in the second half of the week as the conflict in the Middle East widens. The US economic calendar will feature mid-tier macroeconomic data releases, while investors will remain focused on geopolitical headlines.