Markets in Asia traded positively as the region picked up on last week’s late surge stateside although bullish momentum was somewhat capped with participants cautious heading into the month and quarter end as well as Friday’s NFP jobs data and impending Easter holiday closures.
The Euro continued to edge lower last week on a firmer US dollar. The single currency continues to disappoint with growing concerns of a third wave circling the bloc. German Chancellor Merkel threatened the use of Federal law to toughen pandemic restrictions given that she is not convinced that the current measures will slow down the rise in cases. EUR/GBP slumped to new yearly lows after giving up support around 0.8550.
On the other hand, Sterling has led the charge as market participants look towards the quarter end. With stage 2 of the nation’s easing methods being implemented and a strong vaccine rollout, the currency continues to edge higher against safe haven assets. GBP/JPY has reclaimed the 151.00 handle after initially slumping below 149.00 last week.
Cryptoassets started the week with gains as Visa announced that they will permit payment settlements using cryptocurrency. At the time of writing Bitcoin is up over 3.5% after reclaiming the $57,000 handle.Read more