Forex Today: Stimulus optimism, coronavirus concerns
|What you need to know on Tuesday, March 2:
Upbeat US data and the better performance of equities pushed the greenback higher against its European rivals and lower against commodity-linked ones. The EUR/USD pair trades sub-1.2100 while GBP/USD was rejected from near 1.4000. The Australian and Canadian dollars advanced, despite commodities' prices edged lower.
Gold prices resumed their declines after a failed attempt to regain the upside, with spot ending the day at $1,720.00 a troy ounce. WTI fell to $60.00 a barrel
The USD/JPY pair nears 107.00 amid combined dollar’s demand and higher equities. US Treasury yields, in the meantime, had a quiet day, hovering around Friday’s closing levels.
Wall Street advanced after the US House of Representatives passed US President Joe Biden’s stimulus bill. Democrats hope to have it finished by March 14, when the current stimulus expires.
Coronavirus: the number of global new contagions increased last week for the first time in almost two months. Meanwhile, experts suspect the Brazilian strain could evade natural immunity, rising all the alarms. The world continues vaccine immunization at an uneven pace.
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