For Dollar, Fed Action Speaks Louder Than Words

Ahead of a busy week, the sterling was hit the hardest by the rising dollar. PMIs, Employment, inflation, and retail sales numbers are due for release. We are looking for firmer numbers all around as vaccine rollout boosts confidence and economic activity. It is important to remember that many restrictions remained in place in February so the upside surprises may be limited. The downtrend in EUR/USD remains intact ahead of Eurozone PMIs and the German IFO report next week. The outlook for the Eurozone is more challenging than the U.K. with a slow vaccine rollout that is hampered by concerns about the AstraZeneca shot.

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