Market Roundup
•German Jan PPI (MoM) 2.2%,1.5% forecast, 5.0% previous
•German PPI (YoY) 25.0%,24.2% forecast, 24.2% previous
• French Feb Manufacturing PMI 57.6, 55.5 forecast, 55.5 previous
• French Feb Services PMI 57.4, 53.6 forecast, 53.1 previous
•German Feb Manufacturing PMI 58.5, 59.5 forecast , 59.8 previous
•EU Feb Services PMI 55.8, 52.0 forecast,51.1 previous
•UK Feb Manufacturing PMI 57.3,57.2 forecast,57.3 previous
•UK Feb Services PMI 60.8,55.5 forecast, 54.1 previous
•UK Feb Composite PMI 60.2, 55.0 forecast,54.2 previous
•French 12-Month BTF Auction -0.586%, -0.557% previous
•French 3-Month BTF Auction-0.685% , -0.705% previous
•French 6-Month BTF Auction -0.678%,-0.677% previous
Looking Ahead - Economic Data (GMT)
•No data ahead
Looking Ahead - Events, Other Releases (GMT)
•21:45 FOMC Member Bowman Speaks
Fxbeat
EUR/USD: The euro edged up against dollar on Monday after the United States and Russia agreed in principle to a summit over Ukraine, while a key gauge of business activity supported the case for a hawkish shift at the European Central Bank . The euro zone economic recovery regained momentum this month as an easing of coronavirus restrictions gave a boost to the bloc’s dominant service industry. IHS Markit’s Flash Composite Purchasing Managers’ Index, seen as guide to overall economic health, jumped to a five-month high of 55.8 in February from 52.3 in January, significantly above the median 52.7 forecast. Immediate resistance can be seen at 1.1345(50%fib), an upside break can trigger rise towards 1.1383(61.8%fib).On the downside, immediate support is seen at 1.1300(Psychological level), a break below could take the pair towards 1.1269 (23.6%fib).
GBP/USD: Sterling rose against a weakening dollar on Monday as hopes for a diplomatic solution to the Russian-Ukraine standoff boosted risk appetite. U.S. President Joe Biden and Russian President Vladimir Putin have agreed in principle to a summit over Ukraine, the French leader Emmanuel Macron said on Monday .The pound was up 0.3% against the dollar at $1.3633, just off its highest level since Jan. 20 at $1.3643. Recently, sterling had steadied versus the greenback as investors took rising Russia-Ukraine tensions in stride to focus on relative UK-U.S. rate hike expectations. Immediate resistance can be seen at 1.3616(38.2%fib), an upside break can trigger rise towards 1.3684(Higher BB).On the downside, immediate support is seen at 1.3581(5DMA), a break below could take the pair towards 1.3539(50%fib).
USD/CHF: The dollar declined against the Swiss franc on Monday as doubts over a potential summit between the U.S. and Russian presidents to discuss Ukraine increased demand for safe haven assets. Kremlin on Monday said there were no concrete plans for a summit over Ukraine between U.S. President Joe Biden and Russian President Vladimir Putin. A summit is expected to offer a possible path out of Europe's biggest military crisis in decades. Immediate resistance can be seen at 0.9203(38.2%fib), an upside break can trigger rise towards 0.9214 (5DMA).On the downside, immediate support is seen at 0.9173 (23.6% fib), a break below could take the pair towards 0.9140 (Lower BB).
USD/JPY: The dollar declined against the yen on Monday as fears of an imminent military action in Ukraine outweighed hopes that diplomatic efforts would yield results.The Kremlin said there were no concrete plans yet for a summit between Russian President Vladimir Putin and U.S. President Joe Biden, but that a call or meeting could be set up at any time, offering a possible path out of one of the most dangerous European crises in decades. Investors see the summit as a glimmer of hope out of the crisis that has global markets rattled over the past few weeks. Strong resistance can be seen at 115.15(50%fib), an upside break can trigger rise towards 115.43(61.8%fib).On the downside, immediate support is seen at 114.78(38.2%fib), a break below could take the pair towards 114.42(23.6%fib).
Equities Recap
European shares fell on Monday as caution over Ukraine continued to keep investors on edge, even as hopes for a diplomatic solution to the crisis grew.
At (GMT 14:11 ),UK's benchmark FTSE 100 was last trading down at 0.60 percent, Germany's Dax was down by 2.05 percent, France’s CAC finished was down by 2.15 percent.
Commodities Recap
Gold prices eased in volatile trade on Monday even as doubts over a potential summit between the U.S. and Russian presidents to discuss Ukraine kept bullion supported near an eight-month high reached earlier.
Spot gold had fallen 0.2% to $1,894.48 per ounce by 1348 GMT, down from a session high of $1,908.03, its best level since June 3. U.S. gold futures fell 0.1% to $1,897.40.
Oil prices rose on Monday as fresh diplomatic efforts to resolve the Ukraine crisis provided some relief from supply concerns that have kept oil prices near $100 a barrel.
Brent crude futures were up 41 cents, or 0.4%, at $93.95 a barrel at 1225 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 49 cents, or 0.5%, to $91.56 a barrel.
