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Gold steadies near $1700 per oz


•    Wall Street stages late comeback on Friday, S&P 500 gains 1.95%
•    Dollar gains, EUR/USD slides below 1.19
•    Oil price sees big gains after OPEC+ holds current production levels
•    Gold stabilises at $1700 per oz and 9-month low
•    10-year Treasuries hits 2021 high at 1.62% then pull back
•    Non-farm payrolls hits 379k vs 182k expected, unemployment rate is 6.2%
•    Senate passes $1.9 trillion stimulus package, now back to House for amendments 
•    Swiss moving to approve referendum on banning face coverings, Texas fully reopens
•    This week: ECB meeting, inflation data, stimulus developments
•    Jack Dorsey’s first tweet valued at over $2.5million as an NFT
•    DAY AHEAD: Germany industrial production, BOE Governor Bailey

EURUSD - Daily Candlesticks


Source: GKFX / MT4 (March 7, 2021)

EUR/USD fell to its lowest since November last week. This takes it to the 1.19 level, the 61.8% Fibonacci retracement of the rally from November through January as well as the previous highs from July through September last year. 



“If you can’t feed a team with two pizzas, it’s too large.” — Jeff Bezos, Founder of Amazon


*Daily closing price
↘ EUR/USD    1.1917        (-0.41%)
↘ GBP/USD    1.3841        (-0.38%)
↗ USD/JPY    108.34        (+0.34%)
↗ S&P 500    3841.94    (+1.95%)
↗ Gold        1700.86    (+0.22%)
↗ Oil (Brent)    69.54        (+4.20%)
↗ Bitcoin    49,938        (+2.13%)



Stock markets saw a late rebound on Friday in a late bout of dip-buying. The question mark for the new week is whether the dip-buying continues. One reason it could is the passing of the long-awaited $1.9 trillion stimulus bill in the Senate of the United States. Joe Biden says that if confirmed, stimulus checks can be received this month.


The highest bond yields in 2021 saw the dollar jump again on Friday after non-farm payrolls data easily exceeded expectations, but it ended off its highs. The dollar gains saw the EUR/USD forex pair drop back under 1.19 to its lowest since November.

The price of gold closed lower for the third week in a row, dipping below $1700 per oz for the first time since June. The price saw a modest rebound on Friday but finished close to the weekly lows.

The price of oil came very close to $70 per barrel on Friday after OPEC+ made the shock decision to keep production at current levels despite rising expectations for demand as covid vaccines become more widely available in 2021.

Bitcoin rallied back over $50,000 and steadied around that level over the weekend. Ethereum is back over $1600, down from its high of $2000.



*Times in GMT
07:00 – Germany Industrial Production s.a. (MoM)(Jan) [0.2 % Exp vs. 0 % Prev] 
10:00 – BoE's Governor Bailey speech 
23:50 – Japan Gross Domestic Product (QoQ)(Q4) [3 % Exp vs. 3 % Prev]