fxstreet.com 23 Feb, 2021 12:45 am

Dramatic market adjustment continues

Overview: Rising rates continue to spur a rotation and retreat in stocks. Yesterday the NASDAQ sold-off by nearly 2.5% while the Dow Industrials eked

European yields are 3-4 bp higher after staging a sharp recovery following comments yesterday from ECB President Lagarde warning in effect, the central bank stands ready to resist premature tightening.The central bank often engages in "smoothing operations" in the foreign exchange market late in the local session and was put on the US Treasury's watch list in December.The central bank meets the first thing tomorrow in Wellington, and although no change in policy is expected, officials will likely feel more confident that the recovery is gaining traction.More broadly, Macklem may seem more upbeat than the central bank's forecast for a nearly 3% contraction here in Q1 suggests.

3% yesterday after staging a bit of a recovery spurred by the central bank offering dollar swaps.Brazil's central bank meets on March 17 (the same day as the FOMC meeting concludes), and the swap market is pricing in the likelihood of a 50 bp rate hike.

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Dramatic market adjustment continues

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AUD/USD now looks to the downside – UOB

USD/JPY trades with modest losses, holds steady above mid-104.00s

Extra decline appears on the cards

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Extra consolidation looks likely

XAG/USD rallies hard to eight-year highs at $30, more gains in the offing

Downside momentum improves further – UOB

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XAU/USD struggles to make it through $1875 resistance

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US Dollar Index looks firm round 90.80 ahead of ISM

GDP is forecast to expand 4.5% in 2021 – UOB

Sitting below the 105.00 threshold

Exports seen recovering further this year – UOB

Markets snap back

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Bulls remain in control near two-month tops, above mid-0.8900s

EUR/USD could extend its slump to 1.1970

WTI trades modestly higher, stays below $53

Bearish case to strengthen once below 1.2060

The NOK is at the core of this latest phase of the reflation trade – TDS

WTI eyes a break above key resistance just ahead of the $54.00 level

NZD/USD bears the burden of DXY strength around mid-0.7100s

Signs of stabilisation in equity markets

XAU/USD needs acceptance above $1870 to unleash further upside – Confluence Detector

Upside bias remains firm – UOB

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