Forex Today: Dollar under pressure but caution persists
|Here is what you need to know on Thursday, March 26th:
- Wall Street rallied for a second consecutive day, as US Senators agreed on a $2 trillion relief package that would likely be voted on Friday. US indexes, however, retreated ahead of the close. The DJIA and the S&P closed in the green. US Treasury yields posted modest intraday advances.
- The coronavirus pandemic continues to expand. The total number of cases is roughly 490,000, while the death toll increased to 20,800. The largest increase in cases is taking place in Europe and the US.
- The American dollar was the worst performer, with EUR/USD near 1.1900 early Thursday and GBP/USD trading around 1.1900.
- The USD/JPY pair edged marginally lower as demand for safe-haven assets was limited. Gold eased with spot trading around $1,610.
- Crude oil prices spent the day consolidating. Late US session news made the rounds about the US and Saudi Arabia holding talks to maintain the stability of global energy markets.
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