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#forexbreakfast focus forex (eng)

The dollar continued its appreciation last week, offset by the weakness of the euro, in the wake of pandemic fears and dovish statements by ECB members. The Eur / Usd exchange rate reached 1.1250 and then stabilized at 1.1280.

Excellent week for the pound, following the inflation data and the data on the labor market. As a result, expectations for a rate hike by the BoE rise.

Bad week for the Turkish lira, whose exchange rate against the euro has lost more than 10%. The decision of the Turkish Central Bank which lowered the rates by 100bps has been a factor. The South African rand has been also bad. Even though the CB raised rates, its monetary policy normalization plan did not satisfy the markets.

Good week for the Yuan, after the Xi-Biden summit, in which the two leaders showed a constructive attitude.

 

Eur / Usd

It has been at its lowest since July 2020. It has recorded the worst week in over 5 months. The holding of the support at 1.1241 remains essential to avoid further drops with a 1.10 objective. Oscillators mark a strong oversold. On the upside area, 1.1455 remains to monitor.

Eur / Gbp

It fell below 0.84, making it the worst week since March 2020. If the break is confirmed this week, it will pave the way for support at 0.8282 (2020 lows). Here too the oscillators are both oversold.

Eur / Try

New historical highs for the Eur / Try exchange rate, which rose by more than 10%. Both oscillators are heavily overbought. Only a drop below 11.86 could calm the bullish pressures.

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