Morning Insights 9th March

Simon Alagbe

Analyst


Instrument: GBPUSD

Technical Analysis

Bearish Preference: Sell position is envisaged if price trades below 1.38240 with take profit before 1.38141

Bullish preference: Buy position is envisaged if the price trades above 1.38685 with take profit before 1.38810

Fundamentals.

No major fundamentals

Comment: GBP/USD is under pressure as US growth expectations boost the dollar. The UK's reopening and rapid vaccination campaign are helping sterling hold up, but the cable is set to succumb to dollar strength. The U.S. Senate passed the $1.9 trillion stimulus package, proposed by President Joe Biden earlier this year, over the weekend. This raises the likelihood that this bill will be passed into law before enhanced jobless benefits expire on March 14.



Instrument: DE30

Technical Analysis

Bearish Preference: Sell position is envisaged if price trades below 14346.5 with take profit before 14337.1

Bullish preference: Buy position is envisaged if the price trades above 14403.9 with take profit before 14423.5

Fundamentals.

No major fundamentals 

Comment: European stock markets pushed higher Monday, helped by gains from the oil majors as crude prices soared, while hopes for a global recovery from the Covid-19 pandemic also supported financial stocks. The ongoing rise in bond yields also supported banking and insurance stocks, even though the economic recovery appears likely to arrive later in continental Europe than in the U.S. and U.K. because of delays in rolling out vaccines against Covid-19. 

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