What to take care of on Tuesday, February 21:
The week started in slow motion, with the United States celebrating President’s Day. The absence of relevant macroeconomic releases helped major pairs to trade within tight intraday ranges.
Meanwhile, market sentiment is sour. Tensions between the US and China over the balloons fired earlier this month continue, as top US diplomat Anthony Blinken claimed Beijing’s actions were irresponsible, while Chinese authorities fired back that the US reaction was “hysterical”. . Meanwhile, North Korea fired an intercontinental ballistic missile that landed in the Sea of Japan on Saturday. Finally, US President Joe Biden unexpectedly visited kyiv to announce additional weapons supplies.
EUR/USD is trading around 1.0680, constrained by less supportive than expected EU data. GBP/USD is around 1.2040, unchanged on the day.
Commodity-linked currencies rose against their US rival. AUD/USD is trading around 0.6910, while USD/CAD is down as low as 1.3450. The USD/JPY pair ends the day unchanged at 134.20.
Crude Oil prices posted a modest intraday advance, with WTI currently trading at $77.70 a barrel. Gold peaked at $1,847.45, but ended the day around $1,841.
On Tuesday, attention will turn to S&P’s preliminary estimates of February global PMIs for major economies.
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Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
