2/25/2021 7:41:53 PM GMT
EUR/USD Current Price: 1.2190
The US Q4 Gross Domestic Product was upwardly revised to 4.1%, as expected.
US Treasury yields’ rally spurred demand for high-yielding assets.
EUR/USD retreats from fresh 2021 highs, holds above critical Fibonacci level.
The EUR/USD pair peaked at 1.2242, its highest since early January, finally breaching the 1.2170/80 resistance area. The pair rallied on the back of risk-appetite which dominated financial markets throughout the first half of the day but faded after US investors reached their desks. European indexes closed mixed, while US ones edged lower, erasing pre-opening gains. Meanwhile, US Treasury yields extended their rallies to fresh one-year highs, boosted by encouraging US data.
EUR/USD Forecast: Retreats From Fresh 2021 Highs, Holds Above Critical Fibonacci Level benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
nd January.
A total of 74 stats were monitored, following 46 stats from the week prior.
Of the 74 stats, 37 came in ahead forecasts, with 31 economic indicators coming up short of forecasts. There were 6 stats that were in line with forecasts in the week.
Looking at the numbers, 37 of the stats reflected an upward trend from previous figures. Of the remaining 37 stats, 31 reflected a deterioration from previous.
For the Greenback, it was back into the red after two consecutive weekly gains, with the Dollar Spot Index falling by 0.59% to $90.238. In the previous week, the Dollar had risen 0.75% to 90.772.
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Bank of America s Bull & Bear indicator showed sentiment climbed on a 1-10 scale to 7.1 last week from 6.7 on December 17.
This prompted Bank of America s chief investment strategist, Michael Hartnett, to say in a January 7 note that investors were rationalizing increasingly irrational price action on Wall St.
Hartnett laid out six warning signs to watch that could signal a bear market is beginning.
Investor sentiment has climbed from rock bottom in March to what is now approaching extremes on the other end of the spectrum and it s starting to worry Bank of America s top strategist.