The pair attempts to recover from recent losses despite a sense of caution among traders. This caution comes as investors await the upcoming interest rate decision from the Federal Reserve, scheduled for Wednesday.

As measured by the Dollar Index (DXY), the US Dollar initially strengthened due to rising US Treasury yields on Friday. This yield boost was driven by expectations that the Federal Reserve would maintain its current interest rate stance in response to recent inflationary pressures. However, the US Dollar faced downward pressure as Treasury yields retreated.

Market sentiment regarding potential rate cuts has shifted slightly. According to the CME FedWatch Tool, the probability of a rate cut in March is currently low, at 1.0%. Expectations for rate cuts in May, June, and July have also decreased.

Friday’s economic data showed mixed results. The preliminary US Michigan Consumer Sentiment Index for March declined unexpectedly, while Industrial Production for February exceeded expectations. Meanwhile, in the UK, Consumer Inflation Expectations rose slightly, prompting speculation about a potential rate cut by the Bank of England in June.

On Monday, March’s Rightmove House Price Index significantly increased, indicating strength in the housing market. Looking ahead to Tuesday, traders will focus on crucial UK economic indicators, including the Consumer Price Index, Producer Price Index, and Retail Price Index.


Today last price1.2735
Today Daily Change-0.0001
Today Daily Change %-0.01
Today daily open1.2736
Daily SMA201.2709
Daily SMA501.2686
Daily SMA1001.2614
Daily SMA2001.2592
Previous Daily High1.2759
Previous Daily Low1.2725
Previous Weekly High1.2865
Previous Weekly Low1.2725
Previous Monthly High1.2773
Previous Monthly Low1.2518
Daily Fibonacci 38.2%1.2738
Daily Fibonacci 61.8%1.2746
Daily Pivot Point S11.2721
Daily Pivot Point S21.2706
Daily Pivot Point S31.2687
Daily Pivot Point R11.2754
Daily Pivot Point R21.2773
Daily Pivot Point R31.2788

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