Forex Current Open Levels For New Week - March 8, 2021 - Forex Anatomy

Forex Current Open Levels For New Week – March 8, 2021

Good Afternoon Traders! I hope you are well-rested and excited about another week of productive trading!

On last Friday, we witnessed a solid rally in US equities, following the release of better-than-expected employment data, that indicated looming recovery in the US Jobs market, and possible rebound in the US economy. At today’s market open, we may see a positive handover of risk appetite into today’s Asian market, as global traders may want to take advantage of improving fundamental outlook in the US.

Today’s risk sentiment may also be supported by weekend data from both the Chinese Trade Balance figures, which showed a huge surplus in dollar terms to +$103.25 billion, and the US Senate’s passing of the $1.9 trillion “American Rescue Plan Act”.

So, we’re hoping to see risk-oriented assets supported at today’s open, with the US Dollar slightly weaker on an improving economic outlook.

Forex Current Open Levels For New Week (March 8, 2021):

  • EUR/USD – 1.1915 (+2 pips higher)
  • USD/JPY – 108.41 (+ 7 pips higher)
  • GBP/USD – 1.3835 (-3 pips lower)
  • USD/CHF – 0.9299 (-6 pips lower)
  • USD/CAD – 1.2655 (-2 pips lower)
  • AUD/USD – 0.7692 (+4 pips higher)
  • NZD/USD – 0.7166 (+3 pips higher)

Bitcoin is slightly higher for the session at $50,023 USD, with a pick up of demand pre-market.

As for Monday, March 8, 2021 FX market open, the Sydney (Australia) exchanges will remain typically thin in liquidity until more Asian centers open up for the day. According to the current open levels, spot currencies may maintain their risk positive sentiment, with the USD & JPY selling off, while the AUD, NZD, & CAD continue to climb higher. However, this sentiment could change as liquidity grows throughout the session.

Spot Currency markets have opened with the Aussie (AUD) & Kiwi (NZD) leading for the session, and the safe haven USD, JPY, & CHF is weaker on the session as capital rotates into higher-yielding risk assets at the start of the week.

 

Important Economic Data For The First Half of Week (March 7th – March 10th, 2021):

Sunday, March 7, 2021

🇯🇵Japan Current Account n.s.a – 6:50pm ET

Monday, March 8, 2021

🇯🇵Leading Economic Index – 12:00am ET
🇨🇭Switzerland Unemployment Rate – 1:45am ET
🇩🇪German Industrial Production (m/m) – 2:00am ET
🇿🇦South Africa Business Confidence – 4:30am ET
🇬🇧BOE Governor Bailey Speech – 5:00am ET
🇯🇵Japan Final GDP (q/q)(y/y) – 6:50pm ET
🇦🇺 Australia New Home Sales – 7:00pm ET
🇬🇧BRC Like-For-Like Retail Sales – 7:01pm ET

Tuesday, March 9, 2021

🇩🇪German Trade Balance – 2:00am ET
🇿🇦South Africa GDP (q/q)(y/y) – 4:30am ET
🇪🇺Eurozone Revised GDP(q/q)(y/y) – 5:00am ET
🇪🇺Eurozone Final Employment Change – 5:00am ET
🇦🇺RBA Governor Lowe Speech – 5:00pm ET
🇦🇺Westpac Consumer Confidence – 6:30pm ET
🇨🇳China CPI Data (m/m)(y/y) – 8:30pm ET
🇨🇳China PPI Data (y/y) – 8:30pm ET

Wednesday, March 10, 2021

🇨🇳 FDI – Foreign Direct Investment (YTD) – 2:00am ET
🇳🇴Norway Core Inflation Data (CPI & PPI) – 2:00am ET
🇳🇴Norway Consumer Price Index (CPI) – 2:00am ET
🇳🇴Norway Producer Price Index (PPI) – 2:00am ET
🇺🇸US Consumer Price Index (Headline & Core) – 8:30am ET
🇨🇦Bank of Canada Interest Rate Decision – 10:00am ET
🇺🇸EIA Crude Oil Inventories – 10:30am ET
🇺🇸US 10-Yr Bond Auction – 1:01pm ET
🇺🇸 Federal Monthly Budget Statement – 2:00pm ET
🇦🇺 MI Consumer Inflation Expectations – 7:00pm ET

 


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About the Author Marvin Perry

Marvin Perry has been an active trader within the Forex market since 2010. He attended the University of Illinois in Urbana/Champaign, and graduated in 2002 with a double major in Cell and Structural Biology and Chemistry. He currently serves as an FX instructor & Quantitative Analyst for the Forex Anatomy Private Trading Community called "The Lab", where he conducts live weekly trading webinars & instruction on Fundamental Analysis & Inter-Market Interpretations of dynamic asset classes and their influence on currencies.

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