5/7/2021 8:22:50 AM GMT | By Pablo Piovano
EUR/USD accelerates gains and approaches the 1.21 level.
The sell-off in the dollar picks up further pace ahead of key data.
ECB’s Lagarde will speak later, US Nonfarm Payrolls takes centre stage.
The buying pressure around the single currency gather extra steam and pushes
EUR/USD back to the vicinity of the 1.21000 neighbourhood, or new weekly/monthly tops.
EUR/USD up on USD-selling, looks to NFP
EUR/USD adds to Thursday’s gains well past the 1.2000 mark and looks poised to challenge the next barrier at 1.2100 the figure amidst the increasing selling bias surrounding the dollar.
DZ BANK – Aufwärtswelle tendiert zum Breakout über GD 20
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Deutsche Industrieproduktion steigt im März um 2,5% und übertrifft Schätzungen
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The Euro Pound (EUR/GBP) exchange rate is strengthening this morning as markets await the latest interest rate decision from the Bank of England (BoE).
At the time of writing the EUR/GBP pairing are trading at around 0.8663 as German factory orders increase more than expected.
Euro (EUR) Supported by German Factory Orders
The Euro is being supported this morning by the latest factory orders data from Germany for March which rose more than expected.
German factory orders jumped to 3% in March, more than the 1.5% forecast. As reported by Bloomberg:
‘Demand for machinery, data processing equipment, electrical and optical goods as well as car manufacturing was particularly strong, the Economy Ministry said. Helped by strong recoveries abroad, German manufacturing has held up well during the latest rounds of restrictions to limit the spread of the coronavirus.’
4/9/2021 5:39:15 AM GMT
Sustained USD selling pushed EUR/USD to over two-week tops on Thursday.
Dovish Fed comments, sliding US bond yields continued undermining the buck.
A cautious mood kept a lid on any further gains for the major, at least for now.
The EUR/USD pair caught some fresh bids on Thursday and prolonged this week s positive momentum further beyond the very important 200-day SMA. The US dollar added to its weekly losses amid a stubbornly dovish Fed, which, in turn, was seen as a key factor driving the pair higher. The latest FOMC meeting minutes released on Wednesday revealed that policymakers remained cautious about the continuing risks stemming from the pandemic. The Fed reiterated its commitment to extending monetary policy support until the recovery was more secure.